Dogecoin Takes a Dive

After Elon Musk’s Saturday Night Live hosting gig, Dogecoin is already in the dog house with buyers, CNET says.

Dogecoin climbed steeply in the weeks prior to the appearance of Musk, allegedly before names fell during the broadcast. But followers who hoped for another increase were not entertained. The price of Dogecoin decreased from 66 cents to under 55 cents during the broadcast, and in the hours after the show plummeted to 43 cents.

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The founders of Tesla and Space-X this year spoke about the cryptocurrency on Twitter, which helps to increase its price. Dogecoin was set at 1 cent in January. The cryptocurrency priced at 70 cents last week.

Musk mentioned Dogecoin by playing cryptocurrency pleasant. His mother Maye joked, “I’m excited for my Mother’s Day’s present. I hope this isn’t Dogecoin.” Another sketch was added in the section “Weekend Update.” Musk emerged as a dogecoin bowtie wearing specialist and named the cryptocurrency a “stir.”

The prices of Dogecoin also range from 40 to 50 cents — below their pre-SNL peaks. However, the high volatility of cryptocurrencies will cause the price to rise every day.

And Musk’s dreaming about the blockchain again. On Tuesday he tweeted an inquiry of over 500 million followers asking if Tesla is going to consider Dogecoin as payment. 77% of respondents answered yes. Yes.

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