Elon Musk’s appearance on Saturday Night Live over the weekend didn’t take Dogecoin “to the moon.” On the contrary, the price dropped significantly.
In the days and weeks leading up to Musk’s much-anticipated gig as SNL host, Dogecoin began rising heavily. In January, Dogecoin was priced at around 1 cent. Just last week a single Dogecoin was worth over 70 cents.
Some of that dramatic rise was thanks to Elon Musk. In 2021, Musk began tweeting about Dogecoin, becoming its highest-profile supporter and helping drive an increased price for the cryptocurrency.
Dogecoin price increased solely to Musk’s scheduled appearance on SNL, but many seemed to be buying the cryptocurrency in anticipation of a possible Dogecoin name drop.
The drop did occur when he brought his mom Maye on stage during the opening, she got in a Dogecoin joke. “I’m excited for my Mother’s Day gift. I just hope it’s not dogecoin,” Musk’s mother said.
The Dogecoin references continued again but the anticipated price increase didn’t follow. In fact Dogecoin’s price dropped from around 73 cents to just around 43 cents.
Considering the built-in volatility of cryptocurrency, and the dramatic price spikes as of late, some sort of crash isn’t surprising, but many anticipated the price would push upward with Musk’s appearance on SNL, not plummet.
Followers of Dogecoin were hoping his appearance would push the price towards a dollar but that doesn’t appear to be happening.
But given the nature of cryptocurrency, the Dogecoin price is expected to recover.