Despite the expectations of Dogecoin believers, Elon Musk’s appearance on Saturday Night Live this weekend didn’t result in a Dogecoin price spike. On the contrary, the price dropped.
In the days and weeks leading up to Musk’s much-anticipated gig as SNL host, Dogecoin began rising heavily. In January, Dogecoin was priced at around 1 cent. Just last week a single Dogecoin was worth over 70 cents.
Some of that dramatic rise was thanks to Elon Musk. In 2021, Musk began tweeting about Dogecoin, becoming its highest-profile supporter and helping drive an increased price for the cryptocurrency.
It’s impossible to attribute the recent Dogecoin price increase solely to Musk’s scheduled appearance on SNL, but many seemed to be buying the cryptocurrency in anticipation of a possible Dogecoin name drop during his opening monologue.
And Dogecoin name drops did occur.
Considering the built-in volatility of cryptocurrency, and the dramatic price spikes as of late, some sort of crash isn’t surprising, but many anticipated the price would push upward with Musk’s appearance on SNL, not plummet.
Followers of Dogecoin were hoping his appearance would push the price towards a dollar but that doesn’t appear to be happening.
But given the nature of cryptocurrency, the Dogecoin price could bounce back next week.
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