Dogecoin drops by $0.43 after Elon Musk’s SNL episode.
It is an epic day for DOGE holders, who were just getting ready for a good weekend. But then SNL happened.
Elon Musk sent DOGE to the moon before. But last episode on Saturday Night Live, the Tesla CEO sent Dogecoin back to the Earth after his guesting cut 30% off the coin’s price just overnight. Dogecoin is still trapped in the bog today, dropping as low as $0.43.
Last Saturday evening, Musk appeared on SNL with a lot of much-anticipated Dogecoin tricks in his sleeve. But, just four minutes into the show, Dogecoin began dropping by 69 cents. An hour later, it dropped by another 49 cents.
In his opening monologue, Musk brought his mom on screen for a few Dogecoin jokes. They spoke about Mother’s Day, with Musk saying:
Musk later appeared on the Weekend Update section of the show, sporting gawky looking tweeds, telling the hosts to “call me the Dogefather” – he referred to a tweet he wrote last week to advertise his upcoming appearance.
There is Hope for Dogecoin
A lot of people assumed Musk’s appearance will pump the price up to a dollar, although the reality has proven to be a bit different.
Dogecoin dropped by $0.437 last Sunday afternoon. Its current price is at 50 cents, 30% lower than Saturday’s price. Up until now, Musk remained quiet.
DOGE fans point it to the fact that the meme coin crashed last April 20 and only recovered a night later. Dogecoin fans had been campaigning on social media to have the ‘International Doge Day’ successful, but when 4/20 arrived, Dogecoin dropped by 27 cents.
Concerned speculators have considered if Dogecoin whales have dumped the coin in different cases. However, they could not collect efficient evidence.
“Any news is good news”
Believers of the motto “any news is good news” may find comfort in the publicity stunt for the coin. Dogecoin gathered 64,595 mentions in social media just two hours after the crash.
Maybe a better motto this time is: “Buy the rumor, sell the news.”
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