During the Tesla CEO’s appearance on Saturday Night Live, Meme-based cryptocurrency Dogecoin, often pushed by Elon Musk on Twitter, got its moment, but Dogecoin price wasn’t driven to the moon by the shoutouts.
Maye Musk jokingly told her son she hoped she wouldn’t be receiving any Dogecoin (DOGE) as part of her Mother’s Day gift that weekend, during his opening monologue on the comedy show, though the mention of Doge received laughs from the live audience present. , Musk’s appearance as “financial expert” Lloyd Ostertag on Saturday Night Live’s Weekend Update segment was more in-depth, and preceded a 30% drop in the price of DOGE.
Musk said prices had been soaring for Bitcoin (BTC), Ether (ETH), and DOGE, but was jokingly unable to provide an answer to SNL cast member Michael Che’s question on “What is Dogecoin”, though after referring himself as the Dogefather.
The question, what is Dogecoin? Was not answered by Musk, but rather ventured into the history of the token, but eventually said DOGE was “about as real” as U.S. dollars and referred to the cryptocurrency as a “hustle.”
The price of DOGE fell from $0.69 to under $0.50 for the first time since it had surpassed a half dollar in early May, sahortly after the opening monologue, following Musk’s “Dogefather” segment, the token fell as low as $0.43 in the last 24 hours and is trading at $0.48 at the time of publication, which means the token is partially recovering.
Many expected Musk’s appearance on the comedy show to pump the price of DOGE after he hinted on Twitter two weeks ago that he would be starring in a sketch or as a character called the Dogefather. Tweets from the Tesla CEO and Dallas Mavericks basketball owner Mark Cuban as well as posts from retail investors on r/WallStreetBets may have been responsible for significant price surges in the token this year — the price of DOGE was under $0.01 on Jan. 1.