Elon spoke about Dogecoin in character on NBC Saturday Night Live TV Show (SNL) on 8 May, playing a fictional financial analyst – Lloyd Ostertag.
What is Dogecoin?
When asked “What is Dogecoin?” Elon replied:
It’s the future of currency […] It’s an unstoppable financial vehicle that’s going to take over the world.
Elon Musk
He went on to say:
It’s a cryptocurrency you can trade for conventional money.
Elon Musk
Finishing up the skit, Musk jokingly said that the cryptocurrency is “a hustle”, then he howled, “to the mooooooon!”
The episode aired on May 8th and received the third highest ratings for the show so far this season. SNL has over 10 Million viewers and for the first time ever, the show was also live-streamed on YouTube in more than 100 countries; however “The Dogefather” himself was not enough to sustain the uptrending price of Doge.
The effect on DOGE price
Dogecoin (DOGE) fell off a cliff mid way through Elon Musk’s appearance on national television. The coin dropped sharply in a matter of hours, crashing from around $0.73 USD to around $0.43 USD.
Dogecoin’s price action saw a steady pump in the week-long run up to Musk’s SNL appearance, as some buyers loaded up their bags to ride the hype and take advantage of the memecoin’s volatility. But as they say “the higher they rise, the harder they fall”. Just as quickly as Dogecoin’s price pumped, it dumped even faster, as investors rushed to cash in, selling off to take profits.
Perhaps not so coincidentally, popular trading apps Robinhood and Binance experienced problems midway through the program, trapping unwitting noobs by preventing access.
Who knows, one day perhaps Dogecoin will literally go to the moon.
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