Dogecoin has dropped by almost 90%, since Elon Musk’s SNL appearance

Despite the fact that DOGE has lost much of its value since its 15 minutes of glory last May, the Tesla founder continues to use it. Dogecoin’s fanatical fan base thought that Dogecoin superfan Elon Musk’s imminent appearance on “Saturday Night Live” would send the joke coin’s value “over the moon” as its price approached an all-time high of R11,57 in May.

Instead, in the year since, its value has plummeted back to Earth.

DOGE is currently worth a little over R0,96 as of this writing, down about 91% since Musk’s SNL appearance on May 8, 2021. Musk delivered a series of monologues and skits that night, many of which mocked Dogecoin.

Musk admitted that Dogecoin was a “hustle” when pressed by cast members during the show’s hallmark “Weekend Update” spoof.

As the show aired, the coin’s value began to collapse in real-time, losing roughly 20% of its worth in a single hour. During the SNL show, so many individuals sought to sell Dogecoin that the trading app Robinhood was briefly overloaded by the volume of transactions. Dogecoin steadied around R0,96 last November after a summer of massive losses. It has steadily lost value since then, dipping below R1,61 in the last month.

Dogecoin is widely regarded as the first “meme coin,” having been founded as a joke by Jackson Palmer and Billy Marcus in 2013 to mock the plethora of altcoins (non-mainstream cryptocurrencies with wildly fluctuating values) flooding the market.

The joke coin caught the interest of billionaire Elon Musk, who began tweeting about it (ironically, he claims). Musk’s lighthearted remarks on Dogecoin sent its price soaring throughout 2020 and the first months of 2021.

During this time, the coin drew a devoted following known as the Dogecoin Army, whose declared goal was to push the coin’s value “over the moon,” or above R16,07.

Many believed Musk’s presence on Saturday Night Live would be enough.

It didn’t, and the coin is still in a downward spiral a year later. Despite the fact that Musk has continued to tease the integration of Dogecoin into large enterprises under his control, this is not that ironic.

Musk recently revealed that, like Tesla, SpaceX would soon accept Dogecoin as payment for items. He has also lately discussed the notion of integrating Dogecoin as a payment method to Twitter once he has acquired it.

Both announcements resulted in brief price increases for Dogecoin, which were ultimately short-lived.

Musk may soon have a greater chance of getting a man to Mars than getting DOGE to the moon, as the coin’s price continues to decline.

Dogecoin has dropped by almost 90%, since Elon Musk’s SNL appearance

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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