It’s not every day that a celebrity endorsement can boost your favorite cryptocurrency, but when Elon Musk appeared on Saturday Night Live last year many hoped he would be a catalyst for Dogecoin’s value. Instead, the opposite happened and value dropped.
Last May, Musk performed a series of skits on the show, making references to Dogecoin. The investors had their fingers crossed that the value would skyrocket as they watched this cryptocurrency reach an all-time high at $0 .72 that month.
Coincidentally, the value of Dogecoin took a heavy drop since then. As it stands now, people can buy a Dogecoin for $0.05.
Read also: AMC Theaters Will Enable Shiba Inu and Dogecoin in Their Payment Lineup Starting March
People were Trading Dogecoin during the Saturday Night Live broadcast, causing its value to plummet 20%. This was because many people attempted offloading their coins at once, which overloaded Robinhood by volume of Dogecoin transactions.
The coin has lost more than half its value this summer, falling below $0.10 last month. Meanwhile, the past year saw some positive spikes with a stable price in fall at $0.25.
In 2013, a joke currency called Dogecoin was introduced to mock Bitcoin. It was created by Jackson Palmer and Billy Marcus who wanted to mock the alternative coins that were dominating the digital space at the time.
In a move that has caused quite the stir in cryptocurrency circles, Elon Musk started posting about Dogecoin on Twitter. He’s since gone back and forth with posts promoting the coin.
The Dogecoin Army quickly grew to become one of the most vocal blockchains in regards to cryptocurrency between 2020 and 2021.
The Dogecoin Army is on a mission to help this cryptocurrency reach new heights, hitting the $1 mark.
Many people were excited when Musk was scheduled to appear on SNL. They anticipated that the appearance would help their goal of making Dogecoin more popular, but unfortunately it didn’t happen like they expected
The price of Dogecoin continued to fall, even after Musk’s appearance. The CEO would usually post about integrating the coin into some major companies but it is yet to come to fruition.
Elon Musk recently announced that SpaceX would join Tesla in accepting Dogecoin as payment and even teased the possibility of it being used on Twitter once he acquired the platform.
The announcements helped Dogecoin’s value spike, though it only rose briefly.
Read also: Tesla CEO Fires Back After Dogecoin Co-Creator Labels Him a Grifter
