The Price of Dogecoin (DOGE) Slumped after Elon Musk’s SNL Appearance

After several months of waiting, the Dogecoin (DOGE) finally had Elon Musk talk about it through his appearance on the Saturday Night Life (SNL) show. Elon Musk and other celebrities in different SNL segments brought up the topic of Dogecoin (DOGE).

While the majority of the investors and stakeholders in Dogecoin (DOGE) hoped things would become more favorable for the meme coin, the situation took a U-turn and shocked the entire crypto-community.

Initially, it was thought that DOGE’s mention during the SNL would garner huge success for the digital asset. However, things went south and DOGE ended up facing a huge dip.

Since April, Elon Musk was found hinting towards the digital coin through his Twitter profile. However, Elon Musk never made a direct comment on Dogecoin (DOGE). Therefore, it was not clear whether Musk supported DOGE or not. According to many analysts, Musk’s acceptance during the SNL segments would pave a path for DOGE in front of more mainstream institutions.

This is exactly what Elon Musk did during his appearance at the Saturday Night Live (SNL) show. He directly spoke about DOGE and how important it could be to have the cryptocurrency onboard.

One of the clearest statements around DOGE during the SNL monologue was when Musk called his mother out on the stage. While the duo went on with their performance through the monologue, there came a point where his mother talked about a gift.

She stated she is expecting her son to give a huge present on Mother’s Day, and then took a pause. Right after talking about the present, she teased if Musk was going to give her DOGE. To her mother’s question, Elon Musk stated that he had indeed thought of giving her DOGE as her present.

Minutes after the conversation between Elon Musk and his mother took place on SNL, DOGE’s price ended up facing a slump. The price of Dogecoin (DOGE) met with a 25% drop and from $0.66 per token, its price came all the way down to $0.50 per token.

However, its price has recovered a bit and by the end of the show, the Dogecoin (DOGE) price was at $0.52 per token.

Even before the Saturday Night Live hosted by Elon Musk began, the Dogecoin (DOGE) price had already experienced a drop. A few hours before the starting of the SNL, the Dogecoin (DOGE) price was at $0.72, and then it came down to $0.66 as the show started.

The outcome of the show is that Dogecoin (DOGE) would eventually end up gaining the price many DOGE enthusiasts have expected from it.

Elon Musk has again refueled the DOGE pool with his SNL show and this time, he has done it in front of everyone.