After Elon Musk’s appearance on SNL, Dogecoin rallies, still up over 800% in a month.
Dogecoin’s price rebounded on Sunday afternoon after plummeting to $0.42 at around 7 a.m., a drop many crypto-focused analysts attributed to Elon Musk’s Saturday Night Live show.
Dogecoin’s value plummeted by 40% in the hours following Musk’s appearance on Saturday Night Live. However, the price of the meme-inspired Dogecoin, which is often backed by SpaceX and Tesla creator Elon Musk, has risen sharply. Dogecoin’s turbulent day saw its price climb back up to 56 cents at the time of publishing, between 9 a.m. and 4:20 p.m. Sunday. Musk’s SNL monologue and overall performance were characterized as “awkward” by television critics, circulating social media posts, and Musk’s ardent Twitter critics.
Dogecoin’s ardent fans, on the other hand, flooded social media sites with messages of “hope.” Many people congratulated themselves on purchasing the cryptocurrency at its early Sunday post-SNL low of 42 cents. While the 24-hour price has not completely recovered as of 4 p.m. EST, Dogecoin’s outspoken social media supporters were enthralled by the 33 percent increase.
Musk’s Texas-based SpaceX announced plans to launch the “DOGE-1 Mission to the Moon” on Sunday, which the company’s vice president of commercial sales characterized as the first “application of cryptocurrency beyond Earth orbit.” According to CNBC, SpaceX sales executive Tom Ochinero hopes that the move would “lay the groundwork for interplanetary commerce.”
Dogecoin YouTube personality Matt Wallace joked, “The people shorting Doge right now must be masochists, back up to 60 cents!” “To the moon!” exclaims the narrator.
On April 15, when Musk tweeted a drawing with the caption “Doge Barking at the Moon,” social media awareness of the cryptocurrency reached a fever pitch. Just two weeks before, the Mars-obsessed entrepreneur enraged the Dogecoin community by tweeting, “SpaceX is going to put a literal Dogecoin in the literal moon.”
Some Musk detractors, who had been blasting NBC for making him host the live comedy sketch show in the first place for weeks, linked his success to the Dogecoin price drop early Sunday. Marlow Stern, the Daily Beast’s senior entertainment editor, blasted the show as “deceptive and deeply awkward,” citing Musk’s admission on the show that he has Asperger’s syndrome, a communication disorder on the autism spectrum. Others said Musk was merely putting on a display. This is a condensed version of the information.