Regardless of hopes frombelievers, this weekend did not take Dogecoin “to the moon.” Quite the opposite, the worth dropped considerably.
Within the days and weeks main as much as Musk’s much-anticipated gig as SNL host, Dogecoin started rising closely. In January, Dogecoin was priced at round 1 cent. Simply.
A few of that dramatic rise was because of Elon Musk. In 2021, Musk started tweeting about Dogecoin, changing into its highest-profile supporter and serving to drive an elevated worth for the cryptocurrency. It is not possible to attribute the latest Dogecoin worth enhance solely to Musk’s scheduled look on SNL, however many appeared to be shopping for the cryptocurrency in anticipation of a attainable Dogecoin title drop.
And Dogecoin title drops did happen.
When he introduced his mother Maye on stage throughout the opening, she received in a Dogecoin joke. “I am excited for my Mom’s Day reward. I simply hope it is not dogecoin,” Musk’s mom stated.
The Dogecoin references continued when the Tesla and SpaceX CEO performed bowtie-wearing Dogecoin professional Lloyd Ostertag on Weekend Replace, however the anticipated worth will increase did not comply with
Actually, the alternative occurred. Over the last hour Dogecoin’s worth dropped from round 66 cents to only under 50 cents. Within the hours after the present the worth dropped additional, going as little as 43 cents, however has since recovered to round 55 cents at time of writing.
Contemplating the built-in volatility of cryptocurrency, and the dramatic worth spikes as of late, some type of crash is not stunning, however many anticipated the worth would push upward with Musk’s look on SNL, not plummet. Followers of Dogecoin had been hoping his look would push the worth in the direction of a greenback however that does not look like occurring.
However given the character of cryptocurrency, the Dogecoin worth might bounce again subsequent week.