Despite the hype created by the much-anticipated Saturday Night Live appearance of “The Dogefather” Elon Musk, meme cryptocurrency Dogecoin (DOGE) saw a severe drop in price during and after the show.
Instead of taking the Dogecoin “to the moon,” hopeful believers were left to wonder what happened, especially that in the days and weeks leading to Musk’s gig, the digital currency was on a rampage. Back in January, the coin was priced at just around 1 cent, but just last week, a single unit was already worth over $0.60.
Expectations were high from both Musk and Dogecoin, but both came out flat, at least for a moment.
The Musk effect
Part of the huge upward push that Dogecoin (DOGE) has right now is Tesla’s top boss. This year, Musk started plugging the cryptocurrency on his Twitter posts and became its “de-facto” highest-profile supporter.
While it is impossible to say that the surge that DOGE had for the last weeks was because of the anticipation of his scheduled appearance on SNL, there was an increase in the purchase of the altcoin in hopes of it being mentioned by the billionaire on the show.
That did occur, with his mother mentioning a joke about it related to mother’s day. She said, “I’m excited for my Mother’s Day gift. I just hope it’s not Dogecoin.”
Increase nowhere to be found
Many were also expecting a sudden increase in the price of Dogecoin (DOGE) after it was name-dropped on SNL. But the increase just wasn’t there.
Instead, during the last hour of the show, the meme cryptocurrency’s price dropped tremendously, from around $0.66 to below $0.50. Few hours after the show, it dropped further to $0.43. However, it somehow made a slight rebound.
At press time, according to CoinGecko, Dogecoin’s price is at $0.51 and has seen a 7.2% increase in the past 24 hours.
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