Tesla CEO Elon Musk’s much-awaited (and dreaded) appearance on the United States comedy show ‘Saturday Night Live’ has left the value of Dogecoin, the billionaire self-proclaimed favourite cryptocurrency, to plummet. Musk drove the value of Dogecoin to an all-time high on Friday ahead of the show when he tweeted an image of himself with a Shiba Inu puppy, the dog that is the face of Dogecoin. Over Friday and Saturday, the value of Dogecoin rose to 73 cents and many were left wondering if the value of the ‘meme crypto’ would reach a US dollar. Following his appearance on SNL, however, the value of Dogecoin dropped sharply.
The value of Dogecoin, which became the fourth largest cryptocurrency in terms of market value following its spike on Saturday, dropped to as low as 51.5 cents during Musk’s performance on the show. In the past 24 hours, the crypto experienced a drop of 23 percent in value to approximately 55.6 cents (12.56 PM HK), CoinGecko reported.
The fall came after Musk, who often plays with the value of Dogecoin with his tweets, joked about the crypto and called it “a hustle". Answering questions in the character of a financial expert on the ‘Weekend Update’ segment of SNL, Musk was asked if Dogecoin was a hustle. The SpaceX CEO responded, “yes, it’s a hustle".
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
As soon as the value of Dogecoin plummeted, social media exploded with comments and memes on the future of Dogecoin.
If one bad joke by a billionaire on a late night comedy sketch show can wipe out $30B of an “asset” then you probably don’t want to own any of it.— Bizarre Lazar (@BizarreLazar) May 9, 2021
The dip in prices spurred many to sell their Dogecoins to save them from loss. But the #DogeArmy on the Internet - meaning the group of Doge fans on social media, have been rallying for the crypto, whose price rose to exponentially after a semi-ironic ‘movement’ that involved thousands of buyers, tens of thousands of online posters and the world’s second-richest man, Elon Musk.
In early January, each token was worth less than one cent. In late January, when both the GameStop and DogeCoin movements hit their stride, the value of DogeCoin shot up to 7.5 cents, well over a 10-magnification, before sliding down to 2.5 cents. The coin has spent the past few months in the three-to the seven-cent range.