Dogecoin’s price approached an all-time high of $0.72 in May 2021, as the cryptocurrency’s passionate fan base thought that Elon Musk’s forthcoming appearance on “Saturday Night Live” would send the joke coin’s value “over the moon.” Instead, its value has plummeted back to Earth in the year afterward.
Musk’s lighthearted comments on Dogecoin pushed its price skyrocketing throughout 2020 and the first months of 2021.
During this period, the currency also developed a devoted following known as the Dogecoin Army, whose objective was to drive the coin’s value “over the moon,” or above $1.
When prodded by cast members during the show’s hallmark “Weekend Update” segment, Musk admitted that Dogecoin was a “hustle.” Unfortunately, the coin’s value began to fall in live time as the episode premiered, losing over 20% of its worth in a single hour.
DOGE is presently worth slightly more than $0.06, a drop of about 91 percent from the eve of Musk’s SNL performance on May 8, 2021. Musk delivered a series of satirical speeches and jokes about Dogecoin that night.
Dogecoin steadied at $0.25 last fall after suffering significant losses during the summer. However, it has progressively declined since then, going below $0.10 in the previous month.
Dogecoin is widely regarded as the first “meme coin,” founded as a joke in 2013 by Jackson Palmer and Billy Marcus when the market was flooded with altcoins (non-mainstream cryptocurrencies known to have grown wildly in value, known for ups and downs) was made fun of.
Ironically, he claims, the spoof currency quickly piqued the notice of billionaire Elon Musk, who began tweeting about it. Musk’s clever tweets regarding Dogecoin routinely raised its price throughout 2020 and into the early months of 2021.
During this period, the currency also drew a devoted fan following known as the Dogecoin Army, whose objective was to bring the coin’s price “over the moon,” or above $1.
Many believed Musk’s participation in Saturday Night Live would suffice.
However, this did not occur, and the coin is still in a downward spiral a year later. This is despite Musk, paradoxically, continuing to tease the integration of Dogecoin into big enterprises under his command.
Musk revealed just a few weeks ago that SpaceX, like Tesla, will soon accept Dogecoin as payment for items. Following the acquisition of Twitter, they also proposed integrating Dogecoin as a payment option to the network.
Both statements resulted in temporary increases in the value of Dogecoin, which were ultimately fleeting.
As the coin’s value continues to fall, Musk may soon have a greater chance of landing a man on Mars than putting DOGE on the Moon.
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