In fact, one report by Benzinga recently predicted the Tesla CEO’s overall influence on the crypto market is waning.
According to Benzinga, Dogecoin is hovering in the overbought territory with a Relative Strength Index (RSI) of 81.58.
Given that there’s already quite a bit of hesitancy around Mr Musk’s SNL cameo, it will be interesting to see how Doge fares over the weekend.
Dogecoin’s latest record price rally has seen its value increase by more than 300,000 percent since this same time last year.
However, some crypto experts claim Doge’s underlying technology and overall utility is second-rate compared to other coins like Bitcoin or Ethereum – making it all the more likely a crash is imminent.