Dogecoin plunged about its third of the value after Elon Musk’s appearance on Saturday Night Live. The trending cryptocurrency almost immediately went down on Musk’s joke. He called the virtual asset a ‘hustle’ while hosting the popular TV show.
Many investors were expecting another boom in its market value following his appearance. It’s because Musk’s comment on DOGE almost initiated a skyrocketing increase every time.
Even many crypto enthusiasts predicted reasonable surging with the American comedy sketch show. In fact, Elon’s recent tweet to declare himself as ‘Dogefather’ fueled a raising increment.
He is undoubtedly the loudest supporter to influence its trading value. The prominent investor is well-known for his keen interest in major cryptos like BTC.
Indeed, Elon Musk’s mother mentioned the crypto in its opening monologue. Maye Musk revealed her expectation of the Mother’s Day gift from Elon. She deliberately wanted to skip DOGE for the gift. ‘It sure is’ – Elon immediately responded.
However, it seems the first time for the currency to trigger the opposite effect on Musk’s comments.
Coindesk managed to cover the downfall since the program went live. It’s the first time for the program to provide a live YouTube telecast.
The plunge almost immediately started with the show to keep continuing for its time. At a point, Dogecoin’s market value declined to reach $0.44 against the US dollar.
It counts almost 40% lower than its startup $0.70 on Saturday morning. But the crypto asset somehow managed to recover a slight portion by Sunday. It holds trading at $0.49 market value by the evening.
Of course, Dogecoin establishes its reputation with absolute price volatility. It gained an astounding 12,000% increase since 2021’s January. And the crypto observed more than 800% gain in May alone.
The meme-based joke entered the crypto world as virtual reality in 2013. Many events fueled its constant evolution to dominate the market. But there’s no one like Elon Musk to promote the asset.
Coinbase reported the currency to possess more than a $70Bn market cap for now. It’s yet to see any dramatic turn for the volatile crypto towards an upward spike.