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Dogecoin Shoots Up Over 6% As Elon Musk Remembers His Now Famous ‘Dogefather’ Skit From SNL: ‘I Went Off The Rails’ Benzinga
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Elon Musk used SNL, other ‘publicity stunts’ to drive up dogecoin: lawsuit New York Post
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This anonymous Shiba Inu (SHIB) whale that sold $55M worth of Dogecoin (DOGE) hours before Elons SNL, is now … Analytics Insight
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Dogecoin (DOGE) may be back in the top-ten cryptocurrency by market capitalization, but its loses in both United States dollar and Bitcoin (BTC) terms since Elon Musk’s Saturday Night Live (SNL) appearance are considerable.
Dogecoin loses Musk-effect
The DOGE/BTC trading pair has fallen 75% after peaking out at 1,287 satoshis on May 9, 2021, a day after Musk was a guest host on SNL, including a sketch titled The Dogefather.
Before his appearance, the billionaire entrepreneur was relentlessly tweeting Dogecoin memes and images, which helped DOGE — a cryptocurrency that started out as a joke — to attain a market capitalization north of $90 billion in May 2021.
That’s more than 36,000% gains in just two years. But, things have gone downhill ever since.
Investors reflected hopes that even an optimistic wink from Musk on SNL toward DOGE would prompt his 106 million followers to buy the memecoin. But, Musk did an unforeseeable thing: he called Dogecoin a “hustle.”
One day later, DOGE’s price began its decline from its all-time high. It continues its downtrend to this day, changing hands for about 300 satoshis versus its peak value of 1,287 satoshis.
Simultaneously, the price of Dogecoin has crashed by more than 90% against the U.S. dollar after peaking at $0.76 in May 2021.
Elon Musk’s efforts to keep Dogecoin relevant
Musk has made multiple efforts to revive people’s interest in Dogecoin ever since.
In May 2021, he revealed he had been working with Dogecoin developers to improve its blockchain’s transaction efficiency since 2019. Additionally, Musk’s Tesla and SpaceX also started accepting DOGE payments for their merchandise, prompting a sharp but short-lived price rally.
Moreover, Musk stated during a market crash in March 2022 that he would not sell his crypto holdings, including DOGE and Bitcoin. Nonetheless, Tesla sold 75% of its Bitcoin holdings three months after Musk’s declaration.
As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.
I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.
— Elon Musk (@elonmusk) March 14, 2022
The prospect of adding a DOGE payment option to Twitter also collapsed after Musk backed away from buying the social media giant.
In September 2022, Tesla launched Cyberwhistle, a limited-edition collectible inspired by its Cybertruck vehicle, which users can purchase only via DOGE.
Will Dogecoin rebound, then?
Traders have started ignoring Musk’s celebrated association with Dogecoin, given their half-hearted reactions to his DOGE-related updates lately.
Instead, it appears that traders have been more focused on macro catalysts lately, primarily the Federal Reserve’s back-to-back interest rate hikes that have put downward pressure on cryptocurrencies, stocks and similar risk-on assets in 2022 and beyond.
Related: Dogecoin becomes second largest PoW cryptocurrency
The technical setups also suggest the same. For instance, on the weekly chart, DOGE/BTC now tests 307 satoshis as its interim support, given the level’s history as a strong price floor since November 2021.
A decisive break below 307 satoshis would have DOGE/BTC test its 200-week exponential moving average (200-week EMA; the blue wave) near 244 satoshis as its downside target in 2022 — a 20% decline.
A 40% decline against the dollar
DOGE price has been trending inside a broad descending channel against the U.S. dollar since it topped in May 2021, now eyeing its lower trendline as the next downside target.
The target appears to be in the range defined by $0.048 and $0.036, given these levels’ history as support. Therefore, DOGE could drop by roughly 40% against the dollar in Q4 2022.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Dogecoin (DOGE) may be back in the top-ten cryptocurrency by market capitalization, but its loses in both USD and Bitcoin (BTC) terms since Elon Musk’s SNL appearance are considerable.
Dogecoin loses Musk-effect
The DOGE/BTC trading pair has fallen 75% after peaking out at 1,287 satoshis on May 9, 2021, a day after Musk was a guest host on Saturday Night Live, including a sketch titled “The Dogefather.”
Before his appearance, the billionaire entrepreneur was relentlessly tweeting Dogecoin memes, images, which helped DOGE — a cryptocurrency that started out as a joke — to attain a market capitalization north of $90 billion in May 2021.
That’s more than 36,000% gains in just two years. But things have gone downhill ever since.
Investors reflected hopes that even an optimistic wink from Musk on SNL toward DOGE would prompt his 106 million followers to buy the meme-token. But Musk did an unforeseeable thing: he called Dogecoin a “hustle.”
One day later, DOGE’s price began its decline from its all-time high. It continues its downtrend to this day, changing hands for about 300 satoshis versus its peak value of 1,287 satoshis.
Simultaneously, the price of Dogecoin has crashed by more than 90% against the U.S. dollar after peaking out at $0.76 in May 2021.
Elon Musk’s efforts to keep Dogecoin relevant
Musk has made multiple efforts to revive people’s interest in Dogecoin ever since.
In May 2021, he revealed he had been working with Dogecoin developers to improve its blockchain’s transaction efficiency since 2019. Additionally, Musk’s Tesla and SpaceX also started accepting DOGE payments for their merchandise, prompting a sharp but short-lived price rally.
Moreover, Musk stated during a market crash in March 2022 that he would not sell his crypto holdings, including DOGE and Bitcoin. Nonetheless, Tesla sold 75% of its Bitcoin holdings three months after Musk’s declaration.
As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.
I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.
— Elon Musk (@elonmusk) March 14, 2022
The prospect of adding a DOGE payment option to Twitter also collapsed after Musk backed away from buying the social media giant.
In September 2022, Tesla launched Cyberwhistle, a limited-edition collectible inspired by its Cybertruck vehicle, which users can purchase only via Dogecoin.
Will Dogecoin rebound, then?
Traders have started ignoring Musk’s celebrated association with Dogecoin, given their half-hearted reactions to his DOGE-related updates lately.
Instead, it appears that traders have been more focused on macro catalysts lately, primarily the Federal Reserve’s back-to-back interest rate hikes that have put downward pressure on cryptocurrencies, stocks, and similar risk-on assets in 2022 and beyond.
Related: Dogecoin becomes second largest PoW cryptocurrency
The technical setups also suggest the same. For instance, on the weekly chart, DOGE/BTC now tests 307 satoshis as its interim support, given the level’s history as a strong price floor since November 2021.
A decisive break below 307 satoshis would have DOGE/BTC test its 200-week exponential moving average (200-week EMA; the blue wave) near 244 satoshis as its downside target in 2022 — a 20% decline.
A 40% decline against the dollar
DOGE price has been trending inside a broad descending channel against the U.S. dolla since it topped in May 2021, now eyeing its lower trendline as the next downside target.
The target appears to be in the range defined by $0.048 and $0.036, given these levels’ history as support. Therefore, DOGE could drop by roughly 40% against the dollar in Q4 2022.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Remember Elon Musk’s SNL, anticipated to boost Dogecoin price, DOGE dropped by 90% since then! The Coin Republic
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Dogecoin, the most popular meme cryptocurrency, has dropped 30% in the last 24 hours, but has already started to rebound.
Someone moved around 250 million Dogecoins during this enormous price drop, with little more than half of that amount going to Robinhood.
Whale Move Dogecoin To Robinhood
The @DogeWhaleAlert account, which monitors large Dogecoin transfers, has discovered two transactions totaling more than 100 million Dogecoins.
The two DOGE lumps had a total of 110,614,220 and 139,261,848 meme coins worth $8,497,274 and $11,625,997, respectively. The second Dogecoin payment was made via the renowned Robinhood trading program, which allows users to invest in equities as well as cryptocurrency such as Bitcoin, Ethereum, Solana, DOGE, Shiba Inu, Bitcoin Cash, and other prominent coins.
139,261,848 $DOGE ($11,625,997 USD) was transferred from an unknown wallet to a #Robinhood wallet.
Fee: 0.756 ($0.063 USD)
Tx: https://t.co/ADkdxMqG32#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews
— Ðogecoin Whale Alert (@DogeWhaleAlert) May 11, 2022
Following Bitcoin’s slide to $27,000 and Terra’s UST losing its dollar peg, Dogecoin has lost 30% of its value in the last 24 hours, plunging $0.160 to $0.0723.
However, the coin has started to recoup some of its losses, climbing 9.47 percent as of press time. DOGE is now trading at $0.0793 on the Binance market.
Suggested Reading | Shiba Inu: Biggest Dollar Holding Among Wealthiest Ethereum Whales
DOGE Plummets Since Musk’s Endorsement
DOGE has plummeted 90% since reaching a historic high on May 8 last year. Following Elon Musk’s declaration of himself as “The Dogefather” on Twitter and subsequent appearance on Saturday Night Live, the meme coin rocketed to $0.7376. (SNL).
DOGE/USD has plumetted 90% since Musk appeared on SNL. Source: TradingView
However, the presence of Tesla CEO Elon Musk on American television triggered a large selloff, and the token sank to $0.45 three days later.
Musk has long been a supporter of Dogecoin, frequently promoting it in his tweets and boosting its value. However, as time passed, these tweets began to have little or no effect on the Dogecoin price.
Tesla, the electric car company, began accepting the meme coin as payment for certain items in its online store in January 2022. Musk responded by saying it was an experiment and that he would see how it went.
Related Reading | Dogecoin Displays A Falling Wedge Pattern; Here’s What It Means
Featured image from UnSplash, chart from TradingView.com
May 8 will go down as an important day in the history of cryptocurrency, as Dogecoin DOGE/USD hit an all-time high. The date also coincided with a rare appearance by a businessman on the sketch comedy show “Saturday Night Live.”
What Happened: Tesla Inc TSLA CEO Elon Musk hosted an episode of “Saturday Night Live” on May 8, 2021. The episode aired on NBC, a unit of Comcast Corporation CMCSA and could also be seen in many international markets on YouTube, a unit of Alphabet Inc GOOGGOOGL.
During the episode, Musk played the role of financial expert Lloyd Ostertag, who shared some educational facts about cryptocurrencies with “Weekend Update” host Michael Che.
“They’re a type of digital money but instead of being controlled by a central government, they’re decentralized using blockchain technology,” Musk as Ostertag told Che of cryptocurrencies.
Ostertag asked to be called the “Dogefather” in the skit, and later explained what Dogecoin was to Che.
“Well, actually it started as a joke based on an internet meme. But now it’s taken over in a very real way.”
As Che and “Weekend Update” co-host Colin Jost continued to ask Ostertag to further explain Dogecoin, he shared more about the role the crypto would play.
“It’s an unstoppable financial vehicle that’s going to take over the world. To the mooooon!”
Lloyd Ostertag stopped by the desk to talk cryptocurrency. pic.twitter.com/cuILxOBJlj
— Saturday Night Live – SNL (@nbcsnl) May 9, 2021
One item that might have caught viewers by surprise was Ostertag answering yes when asked if Dogecoin was a hustle.
Dogecoin hit an all-time high of $0.7375 prior to the episode airing and quickly fell after Musk’s appearance, even after directly mentioning Dogecoin by name.
Related Link: 2021 Was The Year Of Dogecoin: A Month by Month Retrospective With Top Stories
What Happened Since: The “SNL” episode featuring Musk remains the ultimate high-level mark for Dogecoin in terms of price. The coin has never gotten close to the $0.7375 it saw prior to the episode. Many have singled out the event as being the top for the coin.
Shares of Tesla have performed quite well since Musk’s appearance. While it was mentioned that Musk helped change the electric vehicle industry during the episode, the Tesla name was less featured than Dogecoin.
Tesla shares dropped slightly in June and July 2021, before going on a massive run to hit all-time highs of $1,243.49 in November 2021. Tesla shares now trade at $865.65 and remain up 25% since Musk’s “SNL” appearance one year ago today.
The “SNL” episode hosted by Musk was the third highest viewed episode of Season 46 with 7.3 million viewers. It only trailed the episodes hosted by former cast members Dave Chappelle and Chris Rock.
Musk remains the richest man in the world, with a current wealth of $247 billion, according to the Bloomberg Billionaire’s Index.
Recently, Musk announced he would acquire social media platform Twitter Inc TWTR for $54.20 per share. Coincidentally, the acquisition was mocked on a recent episode of “SNL.”
Price Action: Dogecoin trades at $0.1255 at the time of writing, down 83% from all-time highs.
Photo: Created with images from Brian Bald and TED Conference on Flickr
© Reuters. If You Shorted Dogecoin When Tesla CEO Elon Musk Hosted ‘SNL,’ Here’s How Much You’d Have NowIt’s no secret meme cryptocurrency (CRYPTO: DOGE) fell sharply after Tesla Inc (: TSLA) CEO Elon Musk’s performance hosting “Saturday Night Live” on May 8, 2021.
But how much could opportunistic traders have made shorting the crypto during the show?
The May 8 episode of “SNL” was expected to feature Dogecoin heavily and Musk was not shy in bringing the topic front and center.
Musk appeared as Lloyd Ostertag, financial expert, on the “Weekend Update” portion of the show to speak about cryptocurrencies with Michael Che.
After first asking to be called the “Dogefather” (a moniker he has used on social media), Ostertag and Che begin a discussion when Che asks what cryptocurrencies are. Here’s the full recap of the dialogue.
See Also: How To Short Dogecoin
Despite the shout-outs by Musk, it turns out shorting Dogecoin using $10,000 at its May 8, 2021 intraday peak of $0.74 would have earned investors an impressive return of $8,851.
The $0.740 price level also serves as the all-time high level for the Inu-themed cryptocurrency, which is now trading 88.51% below those highs at $0.085.
For now, it would appear Musk’s appearance on SNL could serve as a reminder for investors to “sell the news.”
This original version of this article was published in September 2021.
Photo: screenshot of Elon Musk hosting “SNL” courtesy of NBC.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga