Dogecoin... wtf SNL

oh man hey everyone meet kevin here

and coming to you straight from

disneyland in anaheim california and boy

oh boy

we watched snl together and um i have to

say

it's a little bit disappointing i

thought the scripts that we had were not

that great and personally i wonder if we

almost had uh

i had almost the scripts pre-made and

maybe that's why we had some of the

actors

who usually participate in snl saying

you know what i'm sitting this one out

because this the scripts weren't that

great i think the acts just

were not that great and unfortunately

dogecoin did not

get the love it probably needed to get

to

really see this pump of dogecoin to a

dollar we

started out with doge becoming sort of a

joke when mei musk elon musk's mother

suggested

that doge is something that she hopes

she does not receive

for mother's day that didn't help we

also had elon musk

stumble over and struggle over

explaining

what doge is which was obviously a

built-in script

to sort of make a joke over well what is

cryptocurrency

how is it different from just using a

dollar

and uh let's just say this was not the

best

for doge this was uh doge was the butt

of the joke here and

unfortunately that led doge to go from

a peak of a 72 cents which is when we

saw a rally from about 64 cents

to about a peak of right around 72 cents

briefly

and we started to see some potential

whale sell-offs when

when really the span of a minute we saw

doge sell down as much as seven cents

which was

really incredible to watch uh but also

very very disappointing especially since

we were looking for a run

not a sell-off and a doge did fall down

as low as

46 cents now doge has rebounded a bit at

the time of this recording doge is about

53 cents

however we have some potential concerns

and the concerns that at least i have

have to do with the fact that robin hood

has had it

has set some massive difficulties not

just robin hood but etoro weeble

they've all had some massive

difficulties with with actually

fulfilling orders on doge whether

they're sell orders or buy orders

and i'm a little bit concerned that

potentially there's a backlog of folks

wanting to sell

and it's taking sometimes 20 to 25

minutes to actually fulfill orders

in fact i placed a buy order and a sell

order and both of them took about 21

minutes

to go through i put in the tests at

around 9

40 california i'm sorry 9 20 california

time and actually filled

at 9 40 california time about 20 minutes

later which was very very weird

so part of me wonders why is it that at

some points

during the snl skit we were able to buy

dogecoin

on weeble or robin hood but when it came

to

selling we weren't able to this was

almost the exact opposite of what

happened the last time the last time we

saw gamestop have this sort of euphoric

run up basically we saw robin hood limit

buying to reduce their risk but now

we've actually started seeing robin hood

prevent people from

selling we get a message that pops up

saying server error can't sell

and uh sorry might be a little glowy

i've got sunscreen all over because of

uh well

disneyland but oh well it doesn't matter

so

why why might this be well my suspicion

as to why it might be more difficult

for robin hood to fulfill sell orders is

potentially because there is a lack of

buyers and to just put it bluntly that's

probably the worst case scenario

in fact we're even seeing a spread

between weeble pricing

and robin hood pricing in some cases

we're seeing robin hood pricing at 55

cents and weeble at

57 58 cents personally i wonder if

that's because of uh

significantly more selling pressure on

robinhood now i don't know

that's just speculating but let's try to

try to predict and i don't like to say

predict because well

predictions can be wrong but let's have

a conversation about the future of doge

first of all what what happened here

well the bottom line is the snl skit was

not good for doge peak doge was

a miss it was a letdown now doge did not

sell down at least not yet and again we

don't know if they're holding

sell orders waiting for by the dippers

to come in to match orders

in theory if there are more sell orders

than buy orders the currency should just

plummet

until those sell orders can fulfill

instantly but since sell orders are

taking like 20 minutes to fill it makes

you wonder

is there some you know attempt to try to

prop the market or keep the market from

free falling i

i don't know it's just very it's very

bizarre how the order fulfillment is

working

it doesn't seem to be working like a

smooth and efficient market but then

again i i

can also imagine every i mean i wouldn't

be surprised that there are 10 million

people watching

snl tonight and everybody's trying to

buy and sell doge i mean it's just got

to be

madness for the brokers and i'm not

making excuses for brokers okay i'm just

i just think it has to be madness

and yeah i'm losing my voice a little

bit too too much too much screaming on

the roller coasters okay

but anyway hey look first vacation i'm

taking in 15 months

so if you're upset about that get

yourself life insurance by going to

mckevin.com

life or sign up for weeble to get two

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weevil no but let's focus here future

future okay let's talk about the future

so here's the thing generally any time

you come off

peak media for a security

stock or cryptocurrency

you tend to have a bleed out uh look at

microvision over the last three weeks

look at mind medicine over the last

three weeks

look at ajivo over the last three months

i mean these are momentum momentum-based

stocks that had their moments in time

they had their peak media attention gevo

getting a

a climate so i'm sorry a specific

biofuel scientist

appointed to the joe biden science task

force leading this thing go like 15

bucks

and and then you just get the slow bleed

out i don't know

that doe is just going to necessarily

free fall because we didn't get

news here but i would be very very alert

for a bleed out

unless we get additional momentum

driving news

and the reason that is is uh every day

day after day people people aren't

necessarily going to sell right now

why why sell right now right it's like

okay we didn't get an announcement we

didn't get

oh tesla's going to accept doge for

tesla's uh

or whatever right we didn't get that so

we didn't get the the dollar pump

we didn't get the epic euphoria yeah we

got you know sort of a joking clothes

by elon musk but the overall theme here

was

uh you know kind of more negative than

positive

uh and some of this was foreshadowed by

elon musk's tweet yesterday

where he's like hey i recommend you just

be cautious with cryptocurrencies

he was i mean you know he knows the

script you know he's rehearsed it

so he gave everyone a warning and in

some fairness too

the last thing i think elon musk wants

to do is

see a lot of people lose money right but

he doesn't want to be associated with

people having to

uh you know or or people yellowing

everything into a stock or a currency

and then seeing them lose money he

doesn't want that so he's expressing

caution this makes sense

but so what's next for doge and that's

the big question right now is

if we don't have a what's next for doge

well then what again happens is a

potential for a bleed out

and uh anytime you get a potential for a

bleed out

you you get this slow sell-off or maybe

what happens is you go

you know 52 cents maybe it bobs up to 58

but it goes down to 49 then you go to 53

and you go to 46

and you see this sort of bleed out

until there's another media event folks

the movements indulge and this is very

important to know

and i think y'all know this the

movements in doge were not

fundamentally driven what i teach in my

stocks in psychology of money group when

i teach in my real estate investing

group

is fundamental investing when we look at

end phase and we go oh my goodness it's

trading for 23 times 20 24 earnings

which we think it's going to be 2024 uh

earnings

by the time we get to there and we get

this energy revolution

that means maybe we're buying end face

for 18 19

times 20 24 earnings for a growth

company with a 30 billion dollar market

cap oh my gosh

it's a steal right this fundamental

analysis

it look the last three months have

sucked right last three months have been

very very painful for some of our

uh for some of our growth place but

there is

you always want to remember there's a

very very big difference between

fundamental analysis

and momentum analysis momentum analysis

is

generally not and i'm not going to say

definitely because we don't know

maybe there'll be some more news with

doge over the next few days that pumps

this thing back to the moon

but generally when you hit peak media

you get a down turn whether it is

rapid it doesn't have to be rapid most

of the time it's a slow bleed

why why psychologically does the slow

bleed make sense it makes sense

because when you wake up and you go oh

don't just 49 today

it's okay tomorrow will go up next day

you wake up you're like

it's 46. it's 39

and you keep seeing the bleed at some

point people go well i may as well get

out while i have a profit

they sell pushes the price down further

when people start actually losing

their principal investment that's when

you'll see the true diamond handlers

look it's easy

for people to go oh i'm diamond hands

when you're up

thousands of dollars tens of thousands

hundreds of course it's easy to go

diamond hands this is all play freaking

money

start losing your principal that's

that's when things become harder

and there are a lot of people who bought

into doge between 30

and 50 because of the elon musket

and now that the skit was yeah

yeah that's it i wouldn't be surprised

that we see people go oh well look i

bought at 30 let me take some profits

okay

boom we could potentially go back down

to that those resistance levels

well actually support levels given the

direction that we're going in

or we might see those support levels

again of i don't think maybe 24

yeah that was a low level of support

maybe more consistently around that 29

to 30 level

uh if if we blow past those support

levels then

then we get larger issues and then we

hope okay is there any other kind of

momentum we can see

or are people going to do the uh uh what

happened after gamestop

which is all of a sudden well some

people go to amc some people go to

you know microvision some people go to

whatever people go into different

momentum stocks

and then what happened with gamestop

well you never ended up seeing those

peak prices again

uh 480 dollars you ended up seeing uh

yeah sure it went down to 40 but then it

jumped back up to 160s but look it's

been range bound between 160 and 180 for

for what a month now or something that

effect which is actually a lot in the

whole gamestop drama since this has only

been happening

over the last five months but uh this is

this is where you want to just be

careful

okay what's the next catalyst for doge

you want to be careful about the risk

and you want to be very very watchful

for that slow bleed out

to a lower support level does not have

to be a plummet but they're going to be

a lot of folks i think

oh well let's let's just hold let's see

what tomorrow does remember folks

when selling does not go through at

robin hood

it's not a sign of robin hood trying to

screw you with the sight of robin hood

not having buyers

robinho doesn't have buyers which you

can see with the price discrepancy

between

robinhood and weeble you're potentially

setting up for a lot of people

wanting to get out orders not getting

filled things spreading out a little bit

all well fine then i'll just wait until

tomorrow i'll cancel wait till tomorrow

and then then over the next few days you

potentially see a staircase down

so i would just express caution look i

want to see this thing go to a dollar

in fact honestly i want to see it go to

1337 like a buck

37 well 33 seven because i think it's

that big

but uh really that the support level

that we needed to maintain was 69

69 was the support level that we needed

to maintain to get to a dollar

we did not maintain we briefly went over

we quickly collapsed

and consolidated into the 50s sure we

touched 46

but consolidating in the 50s is not

consolidating around our 69 support

which is not so great for trying to get

to a dollar we'll see

again there could be some some major

news that comes out tomorrow but

given all these compounding factors

especially elon musk not wanting anyone

to lose money

expressing caution kind of joking

negatively about doge

folks just be careful and in the

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thanks so much for watching hope you

enjoyed this raspy

shiny face late night video and folks

we'll see in the next one

bye