Dogecoin Price Crashes after Elon Musk’s Awkward Saturday Night Live Appearance

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Musk’s Awkward Live Presentation

Elon Musk, the CEO of Tesla, Inc., was invited to make a presentation during Saturday Night Live, a late-night comedy show. The hosts of this show were Michael Che and Colin Jost. These hosts introduced Elon Musk as a financial expert. Cryptocurrency enthusiasts anticipated that this presentation would impact the crypto world positively. However, this was not the case. Instead of the presentation making the price of DOGE go up, it made it fall steeply.

Musk’s Presentation

During the opening speech, Musk introduced his mother, Maye, who asked him to give her a Mother’s Day gift. She told him that she is hoping that the gift will not be DOGE. Thereafter, the presentation continued. Michael asked Musk several questions about the Doge cryptocurrency during this presentation. For instance, he asked Elon what Dogecoin is. Musk told Michael together with his co-host that Dogecoin is a cryptocurrency that one can trade to get conventional money. Che also asked him whether DOGE is a hustle. Musk told the host that DOGE is indeed a hustle.

While Musk was presenting, the DOGE trading app started experiencing technical issues that were later solved. The price of DOGE also started dropping. The price dropped from 0.55 dollars to 0.50 dollars. As the show was ending, the price rose to 0.56 dollars. After the show, the price of this cryptocurrency continued to drop, making this cryptocurrency lose more than one-third of its total value.

Bad Reviews

The drop in the price of Dogecoin made many social media users talk about it. They talked about how this cryptocurrency’s value was changing while Musk was live on TV. The social media users also commented that Musk’s presentation was awkward and unnatural.

Are DOGE Days Over?

Following the crash of DOGE that happened during and after Musk’s presentation, this cryptocurrency has managed to bounce back. DOGE is now holding the fourth position in the cryptocurrency market. Cryptocurrency enthusiasts are, however, not sure whether the price of DOGE will keep going up or not. Some of these enthusiasts are afraid that people will stop focusing on DOGE and start focusing on other cryptocurrencies.

Other Cryptos

During this period of uncertainty in the cryptocurrency market, some cryptocurrencies gained a lot of popularity. One of these cryptocurrencies is the Shiba Token, a cryptocurrency that imitates the DOGE.

Ryoshi created Shiba Token in 2020. Some people claim that it is an experiment, and its creators are planning to release another coin. This coin started taking some of the DOGE markets after Musk’s presentation. Twenty-four hours after the presentation, the value of this cryptocurrency rose by 163.58%. One week after the presentation of Musk, the value of the same cryptocurrency had risen by 1835.93%. These statistics have made many people refer to this cryptocurrency as a DOGE killer.

Binance, a cryptocurrency exchange company, has started treating Shiba Token as an important cryptocurrency. It has listed it in the company’s innovation zone. It is in this zone where high-risk and volatile cryptocurrencies can be traded.

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