Dogecoin down since Musk’s SNL sketch

The price of Dogecoin (DOGE) has dropped by more than 90% since Elon Musk’s May 8, 2021, appearance on Saturday Night Live (SNL),

Last May, the price of DOGE reached an all-time high of $0.72. Although the Tesla and SpaceX CEO has appeared on TV and in films many times before, excited fans of the joke coin predicted his SNL appearance on May 8, 2021 would see a surge in the value of the coin.

Unfortunately for them, this wasn’t the case and the coin’s price has tumbled. As of yesterday, DOGE’s price is only a little more than $0.06, down 91% since the sketch.

As part of the signature SNL Weekend Update, Musk was asked by cast members if DOGE was a “hustle”, to which he said it was.

The nature of the show is to take all comments made with a pinch of salt; however, it didn’t seem funny to holders of DOGE as the coin then plummeted in value while the show aired, slicing off more than 20% of its value across one hour.

There was a surge in people trying to offload the coin during the broadcast. Mobile trading app Robinhood experienced an overwhelming number of trades that caused problems with its system.

Things started looking up when Musk recently announced his businesses would soon accept DOGE as a means of payment for merchandise. He even suggested that the coin could even become a payment method on Twitter once his acquisition had been finalised.

Both of these decisions caused spikes in DOGE’s value. However, they weren’t permanent and shortly came back down.

With Musk’s Twitter takeover up in the air, with talk of him pulling out of his $44bn deal with the social media platform, it’s hard to see the coin escaping its reputation as ‘a joke’ coin any time soon.

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Updated: 06/14/2022 — 13:00