The price of Dogecoin crashes with the release of Elon Musk SNL

Such is Elon.

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Despite his expectations Dogecoin believers, Appearance of Elon Musk on Saturday Night Live this weekend did not result in a Dogecoin price increase. On the contrary, the price has fallen.

In the days and weeks that led to Musk’s concert as an SNL host, Dogecoin began to rise strongly. In January, the price of Dogecoin was about 1 cent. Just last week, the value of a single Dogecoin exceeded 70 cents.

Part of this dramatic rise was due to Elon Musk. In 2021, Musk began tweeting about Dogecoin, becoming his highest-level supporter, and helping drive the increased price of cryptocurrency. It is impossible to attribute the recent price increase to Dogecoin exclusively Musk planned to appear on SNL, but it seemed many people would buy the cryptocurrency with a possible Dogecoin name drop expected during his opening monologue.

And the Dogecoin name drops did happen.

When he staged his mother, Maye, during the opening, he got into a Dogecoin joke. “I’m excited about my mothers’ day gift. I hope it’s not dogecoin,” Musk’s mother said.

Dogecoin references continued as Tesla and SpaceX CEOs played Bowecoin expert Lloyd Ostertag on the weekend update., but the expected price increase did not follow

In fact, the opposite has happened. Over the past hour, the price of Dogecoin has dropped from about 66 cents to just under 50 cents. It later paid off slightly, around 55 cents.

Considering the built-in volatility of cryptocurrency and the dramatic late price rises, some sort of collapse is not surprising, but many expected the price to push up with the appearance of Musk on the SNL without falling. Followers of Dogecoin hoped its release would push the price towards a dollar, but that doesn’t seem to be happening.

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