Musk’s mother, May Musk, appeared at the end of her son, CEO of Tesla, opening the program, asking him what he had bought for her on the occasion of Mother’s Day, which falls in America and some countries of the world at the same period in which the episode was shown.
May Musk said, “I’m excited about the Mother’s Day gift. I just hope it’s not a Dogecoin!” To her son answered her: “It is. It must be.”
However, after the cryptocurrency increased in value in the run-up to Musk’s “Saturday Night Live” episode, investors sold Dogecoin sharply after Musk spoke about it on the show. The value of Dogecoin fell by 24%, as it was trading at 54 cents on Saturday night, after the cryptocurrency began trading at about 70 cents on Saturday, to sell for about 66 cents before the episode began airing at 11:30 pm ET. .
Cryptocurrencies are known for their many fluctuations, as the “Dogecoin” currency has experienced massive fluctuations this year, rising by more than 12,000% since January, and appreciating 800% this month alone.
Musk was the biggest and most prominent supporter of Dogecoin, as he often tweets about the cryptocurrency. One of his bizarre tweets that he posts to his 50 million followers on Twitter could lead to a massive increase in the currency. This is what happened in April, when Musk posted a tweet He wrote: “Dog barks on the moon”, and published a picture of a painting by Spanish artist Joan Miró entitled “A dog barks on the moon.”
Dogecoin was launched on December 6, 2013, as a joke, referring to the “Dog” meme that was widespread on the Internet at the time, which shows a dog from the “Chiba Inu” family. The dog has since become the emblem of the Dogecoin coin.
But the currency is no longer a joke today, as it is the fifth largest cryptocurrency in the world, with a market value of about $ 70 billion, according to the Coinbase platform.
It is unclear what triggered the Dogecoin sell-off, but, perhaps, investors wanted Musk to say something more supportive of the cryptocurrency. But it was more likely that it was a “buy on rumor, sell on news”, in an effort to fulfill investor expectations by selling at a higher price.