Dogecoin 20% drops after Elon Musk's Saturday Night Live
Elon Musk's appearance on Saturday Night Live was expected to make DOGE grow further but instead, it fell 20% surprisingly.
Many argued that Elon Musk would introduce the coin to millions of people, thus boosting interest in the token. Their expectations were not met, and instead of doing what the Dogecoin Army wanted.
When the DOGE part came in the show, the hosts asked What Dogecoin is, and Elon’s answers proved to be unsatisfactory. Although he said that cryptocurrencies could be the “future of currency” and that they could “take over the world,” in the end.
Meanwhile during the program, Dogecoin plummeted, registering the largest red candle in its entire history crashing from a high of $0.7 to a low of $0.42. The hourly candle eventually closed at $0.54.
Although the Shiba Inu, a project that has gained popularity after Dogecoin’s rise and focuses on rewarding those who keep the coin while punishing those who sell it, rose 269% over the last 24 hours. Traders even managed to drive the token to report an all-time high of $0.00001840 just an hour before the show’s premiere. Shiba Inu’s drop during the show was 21%, but it managed to recover since then, reaching a price of $0.00001564.
Another currency that surprised speculators was Akita Inu, which rose nearly 400% between yesterday and today, gaining from $0.0000019 to $0.00000950 at its peak. After SNL, the coin fell almost 20%. However, the next hour, it recovered a little bit to reach the current $0.00000509.