Sell The News: Dogecoin Drops 20% After Elon Musk’s SNL


Many investors expected Elon to —once again— pump Dogecoin… But what pumped instead were its clones. Dogecoin actually crashed 20% after the show.

If you were hoping Elon Musk’s appearance on Saturday Night Live would make your Dogecoin pockets skyrocket so you could buy a present for your mom today, we’re sorry to tell you that you are out of luck.

Dogecoin is down 25% over the course of the day, and much of that is thanks to the comedy show Saturday Night Live. Many argued that Elon Musk would introduce the coin to millions of people, thus boosting interest in the token. Still, expectations were not met, and instead of doing what the Dogecoin Army wanted, Elon Musk simply engaged in, well, joking around on the comedy show.

The Horror Story

It all started with a special Mother’s Day sketch, where actors shared a few seconds of pretty words with their mothers. Then, during Elon’s intervention, his mom took the opportunity to specifically request him to please not give her any Dogecoin on this day.

To his mother’s disappointment, Elon said he was going to.

And so the bloodbath began.

The second round came a few minutes later when Elon had a part in the famous “Weekend Update” sketch – which simulates a news show. In this one, 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, everyone agreed that Dogecoin was nothing else but “a hustle.”

There was no third round. Dogecoin was already KO’d.

During the entire hour-long program, Dogecoin plummeted, registering the largest red candle in its entire history. It crashed from a high of $0.7 to a low of $0.42. The hourly candle eventually closed at $0.54.

Dogecoin price. Image: Tradingview
Dogecoin price. Image: Tradingview

Dogecoin Clones Did Much Better

But the students outgrow the master, and in the case of Dogecoin, the cards played in favor of its clones.
Shiba Inu, a project that has gained popularity after Dogecoin’s rise and that 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.

Shiba Inu price. Image: Tradingview
Shiba Inu price. Image: Tradingview

Another currency that surprised speculators was Akita Inu, which rose nearly 400% between yesterday and today, going from $0.0000019 to $0.00000950 at its peak.

After SNL, the coin fell almost 20%. However, the next hour, it was able to recover a little bit to reach the current $0.00000509.

Price of Akita Inu: Tradingview
Price of Akita Inu: Tradingview

Other coins that did well were, Elon Sperm, SafeMars and SafeMoon. Dogecoin is hit, but it will sure live to fight another day



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