DOGE Is Down By 90% Since Elon Musk’s SNL Show: Analysis

DOGE is down by 90% since Elon Musk’s appearance on the SNL show but the Tesla founder still invokes it on social media as we can see in our Dogecoin news.

Last may, DOGE’s price approached a new high of $0.72 and the crypto’s devoted fan base hoped that Elon Musk and his appearance on the Saturday Night Live will boost the coin’s value “over the moon.” in the year since DOGE is down 90% and it is trading at little over $0.06 since Musk’s appearance on the SNL. That night, Musk performed a series of monologues whcih referenced DOGE often mockingly.

It’s inevitable pic.twitter.com/eBKnQm6QyF

— Elon Musk (@elonmusk) July 18, 2020

During the show’s Weekend Update sketch, Musk conceded when pressed by cast members that DOGE was a hustle. The coin started crashing in value in real-time during the show and shed over 20% of its value in one hour.
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So many people tried to offload the crypto during the SNL broadcast that the tradign app Robinhood got overwhelmed by the volume of DOGE transactions. DOGE stabilized at $0.25 last fall but then slowly lost value and dropped below $0.10.

DOGE is widely considered to be the first meme coin that was created as a joke in 2013 by Jackson Palmer and Billy Marcus in a way to poke fun at the pool of altcoins that flooded the marekt. The joke coin attracted the interest of Elon Musk who initially started tweeting ironically about the coin. In 2020, Musk’s joking tweets about DOGE made the coin surge. During this time, the coin attracted a diehard fan base or the Dogecoin Army whose goal was to send the coin’s price above $1.

However, it didn’t and the coin remains on a downward spiral. In spite of the fact that Musk continued to tease the DOGE integration in major companies but weeks ago, he announced that SpaceX will accept DOGE as payment for merch and floated the idea once he acquired Twitter adding DOGE as a payment on the platform. Both announcements spurred short spikes in the DOGE value which were short-lived and as the coin’s price continued dropping, Musk might face off better odds getting a man to Mars than dOGE surging to the moon.