Dogecoin value drops while Elon Musk is live on SNL

• With investors expecting Dogecoin to soar up while Elon is live on Saturday Night Live, it did the opposite.
• Dogecoin crashed from 0.70 to 0.60 the day before SNL and went down as low as 0.41 when the show went live.
• As the time of this writing, dogecoin has finally recovered back to 0.55 but it has ways to go before it goes back to its original state of 0.70.

Dogecoin investors especially from the Dogecoin Reddit have been anxiously waiting for Elon Musk’s appearance on Saturday Night Live or SNL. Why? Because every time the billionaire, tweets or mentions dogecoin, the price goes up.

This has been evident in the market. It only takes one single tweet to skyrocket the meme coin up by 10% or even 30% in value.

And this is what the dogecoin investors have been waiting for. The massive marketing brought by SNL will promote the meme coin even further, initiating FOMO (Fear of Missing Out) and no-coiners will buy the coin therefore bumping the price up even further.

That’s what they’re expecting, however what happened was the opposite. The price of dogecoin crashed so hard. The day before SNL, it already crashed for some reason. Possibly whales selling their coins in the market because they are expecting the price to crash while the SNL show was ongoing. The price of dogecoin was $0.70 and crashed to around as low as 0.60 and settling down to 0.65 the day before SNL. In the Dogecoin Reddit, people were already going crazy and panicking as to why the price suddenly crashed right before D-Day. There were threads telling everyone to HOLD (hold and not sell) and that price drops were normal. However, the worse thing was about to come.

The next day, as dogecoin still haven’t recovered from the price drop and the investors anxiously waiting for SNL to go live, the price was bouncing up and down but not recovering back to its original 0.70 price.

Then SNL finally went live.

Dogecoin is crashing while Elon is live on SNL

However, as people were expecting the price to finally come up and it did, climbing to around 0.68, it crashed further than the day before. When the show finally went live, dogecoin was continuously dropping. It went down as low as 0.41 while the show was ongoing and possibly went down further even after the show was done.

Many were waiting for Elon to mention dogecoin in the show and it was indeed mentioned twice. First was at the beginning of the show and Elon’s mother was the one who mentioned dogecoin and the second was the actual skit that Elon himself tweeted about days before which got everyone excited about.

The Dogefather
SNL May 8

— Elon Musk (@elonmusk) April 28, 2021

Elon calls dogecoin a “hustle” but also says the iconic meme phrase “TO THE MOON!”.

THE DOGEFATHER IS HERE TO STAY🚀 #dogetothemoon #dogecoin #DogeCoinTo1Dollar #doge #SNLdoge pic.twitter.com/HSNBHlL5SU

— Max DeGilio (@nylo44) May 9, 2021

Many were disappointed that instead of SNL bumping up the price of dogecoin, it did the exact opposite. Ironically enough, the unexpected tweet about “The Dogefather” and other random and unexpected coverage about dogecoin were the ones bumping up the price, like Mark Cuban talking about dogecoin on the Ellen Show, the Dallas Mavericks accepting dogecoin as payment, Newegg or even Pornhub accepting dogecoin as payment.

It seems like if people expect dogecoin to be mentioned, the price instead drops as what happened on April 20 (4/20) which is dubbed as Doge day. People knew Doge will be celebrated that day and instead of the price bumping up, it crashed. This happened again on the day SNL went live with Elon.

As the time of this writing, dogecoin has finally recovered back to 0.55 but it has ways to go before it goes back to its original state of 0.70.