Despite the expectations of Dogecoin believers, Elon Musk’s appearance on Saturday Night Live this weekend didn’t result in a Dogecoin price spike. On the contrary, the price dropped.
In the days and weeks leading up to Musk’s much-anticipated gig as SNL host, Dogecoin began rising heavily. In January, Dogecoin was priced at around 1 cent. Just last week a single Dogecoin was worth over 70 cents.
SNL May 8
— Elon Musk (@elonmusk) April 28, 2021
Some of that dramatic rise was thanks to Elon Musk. In 2021, Musk began tweeting about Dogecoin, becoming its highest-profile supporter and helping drive an increased price for the cryptocurrency. It’s impossible to attribute the recent Dogecoin price increase solely to Musk’s scheduled appearance on SNL, but many seemed to be buying the cryptocurrency in anticipation of a possible Dogecoin name drop during his opening monologue.
And Dogecoin name drops did occur.