Dogecoin tanks after Elon Musk SNL appearance

Dogecoin tanks after Elon Musk SNL appearance

Gabe Stephenson, Writer

Saturday Night Live is an Emmy Award winning Television show that is heading into its 46th season. It has been credited throughout the years with many funny one-liners in their memorable skits. SNL does a good job of providing satire for current world issues.

One way SNL gains such a big following is through famous guest appearances like Justin Timberlake or the Rock.  Last weekend, SNL decided that billionaire Tesla and Space X CEO Elon Musk would be great for the show given his media attention across the platform.

Elon Musk is known for many accomplishments including Tesla and Space X, but another thing Elon is known for is his influence on the stock market and crypto currencies like Bit Coin and Doge coin. Elon uses his social media platforms like Twitter to get the word out about a certain Crypto he is targeting.

Doge coin was created in 2013 by Billy Markus, a software engineer, and his coworker, Jackson Palmer. It features the face of the Shiba Inu dog from the Doge meme and was initially created as a joke payment system in the start of the crypto trading world. However, it soon gained ground after Elon Musk boarded the Doge train a few years ago.

Days leading up to Elon Musk’s appearance on SNL, Doge was trading at record highs. Doge was already up from less than a cent at the beginning of the 2021 trading year, to over 75 cents thanks to Elon Musk and his famous tweets like “Doge to the moon”. Reddit page r/wallstreetbets, known for their successful take on the Gamestop group trade, also fueled the rise of Doge with many viral posts showing accounts with millions of dollars of doge making upwards of 50 percent their values.

As Elon Musk made his appearance on stage, he was asked a few questions and things went downhill fast. Elon referred to Doge as a side hustle which did not settle right with his followers. Doge immediately tanked from 75 cents to almost 45 following his appearance. Elon tried to save it in the following days with more tweets, but the damage had already been done and his efforts made no difference. Doge was down and remains down to this day as it bounces between 49 and 50 cents daily. The Doge Dollar dreams are now further out of reach than ever before.