Last Updated on: 6th July 2023, 01:22 pm
Elon Musk referred to Dogecoin on “Saturday Night Live” during his first conversation. All in all, her mother did. Maye Musk appeared at the Tesla CEO towards the end of her son’s SNL speech to ask him what he brought her on Mother’s Day.
After the value of the cryptocurrency before the package was rerouted until Musk’s appearance on SNL, funders auctioned Dogecoin heavily after Musks discussed it on the show.
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Dogecoin fell 40%, trading just 44 cents early Sunday morning. The cryptocurrency started trading at around 70 cents on Saturday and was selling for around 66 cents just before SNL went on air at 11:30 p.m. ET.
We could watch #ElonMuskSNL all day! Question: What is #doge? #dogetothemoon #DogeCoinTo1Dollar #doge #ElonSNL #DogeArmyNewsNetwork #dogearmy #DogecoinToTheMoon
‘What is dogecoin?’ #doge #dogecoin #dogetothemoon #DogeSNL #Dogefather #dogearmy #Dogecoins pic.twitter.com/oHsj2vS1si— Doge Army News Network (@doge_network) May 9, 2021
Digital forms of money are notorious for their unpredictability, and Dogecoin has seen a sweeping breakout this year. It’s up more than 12,000% since January and has earned 800% in this month alone.
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Elon Musk was Dogecoin’s most intense and notable ally. He often tweets about cryptocurrencies, and only one of his unusual tweets to his 50 million followers can send a barrage of Dogecoin.
It did so in April when Musk tweeted “Doge barks at the moon” and shared a photo of an artwork by Spanish artisan Joan Miró entitled “Canino barks at the moon”.
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Dogecoin started as a joke in 2013, a gesture towards the image of “Doge” that was all over the internet at the time. In any case, it’s not a joke right now: it’s the fifth-largest cryptocurrency in the world, with a market estimate of just under $70 billion, according to Coinbase.
Both Dogecoin and Tesla had traded higher, waiting for Musk’s SNL to come out. Tesla’s prospects were not traded on Saturday night during the show.
It is unclear what triggered the Dogecoin sell-off. Perhaps the financiers needed Musk to say something stronger about the cryptocurrency.
In either case, there was a greater likelihood of some method attempting to capitalize on funder expectations that are characterized by high sales.
Dogecoin was trading so effectively that Robinhood reported early Sunday morning that it was having trouble setting up crypto exchanges and tried to pinpoint the problem.
