In the days and weeks leading up to Musk’s highly anticipated concert as SNL host, Dogecoin began to rise sharply. In January, Dogecoin was priced at around 1 cent. Just.
Some of the dramatic increase was thanks to Elon Musk. In 2021, Musk started tweeting about Dogecoin, became the highest profile supporter and helped increase the price of the cryptocurrency. It is impossible to attribute this to the recent rise in Dogecoin prices exclusively to Musk’s planned appearance on SNL, but many seemed to buy the cryptocurrency in anticipation of a possible drop in the Dogecoin name.
And Dogecoin name drops occurred.
When he brought his mother Maye on stage during the opening, she got a Dogecoin joke. “I’m excited about my Mother’s Day gift. I just hope it’s not dogecoin,” Musk’s mother said.
Dogecoin references continued as Tesla and SpaceX CEO played Dogecoin expert with bowtie Lloyd Ostertag in the weekend update, but the expected price increases did not follow
In fact, the opposite happened. Over the last hour, Dogecoin’s price dropped from around 66 cents to just under 50 cents. It later made a mild recovery back to around 55 cents.
Given the built-in volatility in cryptocurrency and the dramatic price increases as of late, a kind of crash is not surprising, but many expected that the price would push upward with Musk’s appearance on SNL, not crashing. Supporters of Dogecoin hoped that his appearance would push the price towards a dollar, but that does not seem to be happening.
But given the nature of cryptocurrency, the Dogecoin price could bounce back next week.