Dogecoin supporters have been expecting Elon Musk’s hosting of Saturday Night Live for weeks, hoping that the token’s most popular fan will use his presence to spread the coin.
Despite the fact that he (and his mother) referenced the token many times in the broadcast, it did not raise the price as many had anticipated. Instead, Dogecoin, the fourth-largest cryptocurrency by market capitalization, plummeted in value. It was trading at $0.66 before the broadcast, near all-time highs. As investors cashed out, it dropped as low as $0.51 during the broadcast.
The sell-off coincided with issues at Robinhood, a smartphone trading app that is one of the most popular locations for US retail traders to purchase DOGE.
A Musk Powered Roller Coaster for DOGE
The value of dogecoin plummeted in the early hours of Sunday in the United States, after Tesla CEO and cryptocurrency advocate Elon Musk referred to it as a “hustle” when appearing as a guest host on the “Saturday Night Live” improv sketch TV program.
On the cryptocurrency exchange Binance, Dogecoin was trading at $0.47, down 28% from its previous high of $0.65 before the display.
On Saturday at 11:30 p.m. EDT, billionaire Tesla CEO Elon Musk presented the broadcast.
Since his tweets earlier this year transformed the once-obscure digital currency into a speculator’s fantasy, cryptocurrency fans have been waiting for his response for days.
Musk is one of the first industry moguls to be invited to anchor the venerable series. Musk is thrust back into the spotlight at a time when Tesla’s portfolio is losing momentum after a meteoric rise last year.
The outspoken CEO has made several remarks on Twitter about cryptocurrency and has chastised traditional money for its low actual interest rates.
Dogecoin is the people’s crypto
— Elon Musk (@elonmusk) February 4, 2021
That month, his enigmatic tweets “Doge” and “Dogecoin is the people’s crypto” sparked a rally in dogecoin, a satirical version of bitcoin and ethereum.
What is Dogecoin?
Dogecoin is a cryptocurrency inspired by the famous meme Doge, with a stylized illustration of a Shiba Inu on the front. On December 6, 2013, Dogecoin was introduced as a novelty currency, and by January of the following year, it had a market cap of $60 million.
Dogecoin has the largest supply of any cryptocurrency, with 100 billion coins in mid-2015 with an additional 5.2 billion coins added per year after. It mined one billion Dogecoins as of June of 2015.
Many researchers have found that the Dogecoin community is involved in important and common content within the network.
Members trade DOGE for real-world items such as Reddit and Twitter in exchange for DOGE.
Dogecoin is focused on the well-known Doge cryptocurrency and sports an Internet meme-inspired symbol. Dogecoin debuted as a “joke money” on the market on December 6, 2013, with a market capitalization of $60 million.
The Dogecoin project saw a significantly larger initial coin distribution: 100 billion coins were made usable at the start of the year, with a further 5,256 billion available at the end. As of June 30, Dogecoin had been mined one billion times.