Dogecoin price drops during Elon Musk’s appearance on SNL

Despite the expectations of Dogecoin believers, Elon Musk’s appearance on Saturday Night Live this weekend did not result in a dogecoin price spike. On the contrary, the price has fallen.

In the days and weeks leading up to Musk’s highly anticipated gig as SNL host, Dogecoin started to rise sharply. In January, Dogecoin was priced at around 1 cent. Fair last week a single Dogecoin was worth over 70 cents.

Part of that dramatic increase was due to Elon Musk. In 2021, Musk started tweeting about Dogecoin, becoming his biggest supporter and helping to raise the price of the cryptocurrency. It is impossible to attribute the recent increase in the price of Dogecoin only to Musk’s planned appearance on SNL, but many appeared to be buying the cryptocurrency in anticipation of a possible Dogecoin name drop during his opening monologue.

And Dogecoin name drops have occurred.

When he brought his mother Maye on stage at the opening, she made a joke on Dogecoin. “I’m thrilled for my Mother’s Day gift. I just hope it’s not a dogecoin,” Musk’s mother said.

The Dogecoin credentials continued when the CEO of Tesla and SpaceX played Dogecoin expert Lloyd Ostertag wearing a bow tie in the weekend update., but the expected price increases did not follow

In fact, the opposite has happened. Over the past hour, Dogecoin’s price has dropped from around 66 cents to just under 50 cents. He then made a slight rally to around 55 cents.

Considering the cryptocurrency’s intrinsic volatility and dramatic price spikes in recent times, some sort of crash isn’t surprising, but many predicted the price would rise with Musk’s appearance on SNL, no drop. . Dogecoin followers were hoping its appearance would push the price up to the dollar, but that doesn’t appear to be happening.

But given the nature of the cryptocurrency, the price of Dogecoin could rebound next week.