Contrary to expectations, Elon Musk's appearance on Saturday Night Live this weekend didn't take Dogecoin "to the moon." Instead, the price dropped significantly.
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.
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.
When he brought his mom Maye on stage during the opening, she got in a Dogecoin joke. "I'm excited for my Mother's Day gift. I just hope it's not dogecoin," Musk's mother said.
The Dogecoin references continued when the Tesla and SpaceX CEO played bowtie-wearing Dogecoin expert Lloyd Ostertag on Weekend Update, but the anticipated price increases didn't follow
In fact, the opposite occurred. During the last hour Dogecoin's price dropped from around 66 cents to just below 50 cents. In the hours after the show the price dropped further, going as low as 43 cents. Now the Dogecoin price seems hovering between 40 and 50 cents.
Considering the built-in volatility of cryptocurrency, and the dramatic price spikes as of late, some sort of crash isn't surprising, but many anticipated the price would push upward with Musk's appearance on SNL, not plummet. Followers of Dogecoin were hoping his appearance would push the price towards a dollar but that doesn't appear to be happening.
But given the nature of cryptocurrency, the Dogecoin price could bounce back next week.