First the billionaire genius admitted to having Asperger’s and then further made a statement that caused his “beloved” dogecoin to crash in its value.
With so many people most of which are Elon Musk fans himself believing in a bright future for Dogecoin, Elon Musk’s appearance on Saturday Night Live this weekend was rather bad for the meme-turned-cryptocurrency.
With Elon Musk’s constant references about the Dogecoins via his tweets, the cryptocurrency had started getting some traction and many were thinking about investing in it because who knows, it might just be the next big thing right?
Take for example, back in January, Dogecoin was priced at about ¢1 cent and by last week, the cryptocurrency had risen to about ¢70 cents which was causing eyebrows.
The Tesla boss being one of the biggest supporter of the cryptocurrency gave it the momentum it needed with little to no publicity needed.
Elon Musk is definitely one of the biggest social media influencer and doesn’t necessarily have to budget big bucks for social media ads before getting things to his millions of global followers.
But don’t get it wrong just because Elon Musk appeared on SNL doesn’t automatically shouldn’t directly have a negative impact on the growth of the cryptocurrency.
at least the dogecoin prices are funny pic.twitter.com/L4Cu4JV6Sc— Ashley Feinberg (@ashleyfeinberg) May 9, 2021
But one can think so considering the fact that so many people were buying the cryptocurrency in anticipation of a possible Dogecoin drop during the SpaceX founder’s opening monologue.
And just as expected, there was a Dogecoin name drop when he first invited his mom Maye Musk on stage during the opening monologue, she started the Dogecoin joke.
“I’m excited for my Mother’s Day gift. I just hope it’s not dogecoin,” Musk’s mother said.
There were further references to the Dogecoin cryptocurrency when Elon Musk played Dogecoin expert Lloyd Ostertag on the Weekend Update. Even with that, nothing positive happened to the cryptocurrency in reality.
The digital currency plummeted instead ¢66 cents just below ¢50 cents. Then the cryptocurrency dropped further down to as low as ¢43 cents however, it has climbed back to about ¢55 cents as of recent.
The rise and fall of cryptocurrency isn’t new and that has plagued the value of each of them numbering in hundreds. Elon Musk being a powerful figure that supports the cryptocurrency as well as appearing on the SNL made people believe that him referencing it might help it grow further in the stock market at least towards US$1 at least.
this is the funniest part of snl tonight pic.twitter.com/m5iBofzcpG— slate (@PleaseBeGneiss) May 9, 2021
But given the nature of cryptocurrency, the Dogecoin price could bounce back next week who knows because the Dogecoin father is still very much alive and still in support of the cryptocurrency.