Despite all the predictions of believers, this weekend didn’t produce results in a Dogecoin price spike. On the contrary, the price tanked badly almost lost half of its value at the time of this writing.
In the days and weeks leading up to Musk’s much-anticipated appearance as SNL host, Dogecoin started rising heavily. In January, Dogecoin was priced at 1 cent. Just.
Some of that exciting rise was thanks to Elon Musk. In 2021, Musk started tweeting about Dogecoin, growing its highest-profile supporter and helping drive an enhanced price for the cryptocurrency. It’s difficult to attribute the recent Dogecoin price increase solely to Musk’s scheduled to debut on SNL, but many seemed to be getting the cryptocurrency in anticipation of a potential Dogecoin name drop.
And Dogecoin dropped.
When he took his mom Maye on stage during the opening, she got in a Dogecoin joke. “I’m excited about my Mother’s Day gift. I just hope it’s not dogecoin,” Musk’s mother said. Ouch!
The Dogecoin references continued when the Tesla and SpaceX CEO played bowtie-wearing Dogecoin expert Lloyd Ostertag on Weekend Update, but the expected price hikes didn’t follow
In fact, the reverse happened. During the last hour, Dogecoin’s price dropped from around 66 cents to just below 50 cents.
this is the funniest part of snl tonight pic.twitter.com/m5iBofzcpG
— slate (@PleaseBeGneiss) May 9, 2021
at least the dogecoin prices are funny pic.twitter.com/L4Cu4JV6Sc
— Ashley Feinberg (@ashleyfeinberg) May 9, 2021