After Musk called Dogecoin (DOGE) a “mess” while participating in Saturday Night Live (SNL), the cryptocurrency’s price plummets 28%.
Elon Musk says that “DOGE is mess” on Saturday Night Live
On Saturday, 8, Elon Musk, the CEO of Tesla and SpaceX, was the celebrity invited to present the TV show Saturday Night Live.
Monologue! đź’« @elonmusk pic.twitter.com/xeH1EOU79A
— Saturday Night Live – SNL (@nbcsnl) May 9, 2021
Supporter of Dogecoin and popularly nicknamed Dogefather, Musk’s participation sparked the interest of cryptocurrency enthusiasts. Especially after his tweets turned the cryptocurrency meme into any investor’s dream.
DOGE: Is it really a mess?
Asked about “What is Dogecoin” during the show, Elon Musk replied: “It is the future of the currency. It is an unstoppable financial vehicle that will dominate the world”.
When a member of the show’s cast, Michael Che, asked, “So, is DOGE a mess?”, Musk replied, “Yes, DOGE is a mess.” And laughed.
Invited to present the comedy program, the billionaire has returned to the spotlight as Tesla’s shares are losing momentum after last year’s monstrous recovery. According to data from S&P Global Market Intelligence and MarketSmith, Tesla’s shares fell further 15% this year to $597.95 per share.
“DOGE is a mess” comment makes price go down
The day after Elon Musk’s participation on Saturday Night Live and the famous comment “DOGE is a msss”, Dogecoin price plummeted by 28%. With this bearish trend, the cryptocurrency was traded at $ 0.47, comparing to approximately $ 0.65 before the TV show.
After the fall of the cryptocurrency, Elon Musk soon tried to redeem himself and justify his speech, with a tweet stating that the DOGE cryptocurrency is promising.
In his tweet, the billionaire also attached a video. In it, it is possible to see that, after calling DOGE a mess and warning about investing in crypto assets, he says that Dogecoin has “a good chance of becoming the future currency of the Earth”.
Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq
— Elon Musk (@elonmusk) May 7, 2021
It is worth remembering that on the same day (9), Musk announced that the next SpaceX mission,“DOGE-1 to the moon”, will be funded with Dogecoin. In a press release, SpaceX and Geometric Energy Corporation, responsible for managing the mission, stated that they “solidified DOGE as a unit of account for lunar business in the space sector”.
Musk and the highs and lows of DOGE
It is needless to say that Elon Musk has a strong influence on people, whether they are followers or investors.
In February, Musk tweeted several comments about cryptocurrencies. His cryptic tweets “Doge” and “Dogecoin is people’s crypto” kicked off a DOGE rally.
Dogecoin is the people’s crypto
— Elon Musk (@elonmusk) February 4, 2021
In April, Elon Musk’s tweets made Dogecoin price jump more than 800%, according to CoinGeko.
DOGE price update
Currently, Dogecoin is the fourth largest cryptocurrency, being bigger than Litecoin and Tether.
With a market cap of $ 56 billion and $ 0.44 in market value, will Dogecoin achieve the expected price of $ 1?
