It looks like Elon Musk’s SNL appearance had a curse.
The price of Dogecoin hit an all-time high of $0.72 in May last year. The joke coin’s ardent supporters anticipated that Musk’s imminent appearance on “Saturday Night Live” (SNL) would increase its value.
However, as the show aired, the currency’s value began to decline, losing around 20% of its value in an hour.
During the SNL spoof, so many individuals attempted to sell Dogecoin that the trading software Robinhood became briefly overloaded.
As many believed that Musk’s SNL appearance would do the job, yet it didn’t.
Elon Musk’s SNL appearance
The coin is still in a downward spiral a year later. However, Musk has continued to tease the integration of Dogecoin into large enterprises under his control.
During the summer, Dogecoin lost a great deal of value, but by November of the same year, it had stabilized at around $0.25. Since then, its value has decreased, and a month ago it was valued less than $0.10.
DOGE is currently worth a little over $0.058, down 91 percent since Musk’s performance on Saturday Night Live on May 8, 2021. Musk gave a series of talks and stand-up routines that evening, many of which poked fun of Dogecoin.
Dogecoin is generally regarded as the first “meme currency,” having been founded as a joke by Jackson Palmer and Billy Marcus in 2013 to mock the proliferation of alternative cryptocurrencies.
Rise for brief period
The currency developed a devoted following known as the Dogecoin Army during this period, whose stated objective was to push the coin’s value “over the moon,” or above $1.
Billionaire Elon Musk was amused by the humorous money and began to tweet about it in jest. Due to Musk’s hilarious tweets, Dogecoin’s price gradually increased throughout 2020 and the first few months of 2021.
Musk said a few weeks ago that SpaceX, like Tesla, would soon accept Dogecoin as payment for its goods. In addition, after plans of acquiring Twitter, he has reportedly pondered incorporating Dogecoin as a payment option on the network.
Both remarks caused Dogecoin’s price to rise but only for a brief period.