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Dogecoin (DOGE) crashes over 20%, Elon Musk yells 'to the moon' on SNL Weekend Update segment

Dogecoin holders are getting taken to the woodshed for thinking SNL was a positive catalyst for the stock. The cryptocurrency is down over 20% in the last hour, as Elon Musk carries on in New York.
Captain Business
Captain Business
Much DOGE
4

Elon Musk is this weekend's host of Saturday Night Live with special musical guest Miley Cyrus. The people's cryptocurrency, Dogecoin, had rallied nearly 1100% in the past month with Elon Musk's SNL appearance viewed as some sort of catalyst. It appears this is the case, as DOGE dropped over 20% in the past hour. This is fine if you have diamond hands. Speaking of which, here's Elon Musk's SNL cryptocurrency segment from Weekend Update.

Lloyd Ostertag is a great alter-ego. Here's Elon's SNL monologue.

r/WallStreetBets, a hive of gambling on stock options and crypto speculation on the Internet, has heralded the Tesla CEO as one of their prophets. "Papa Elon," as they call him all over the Internet, was going to make DOGE go to the moon tonight. We were going to hit $1.00 for sure. About that... 

DOGE had dropped ahead of Elon's cryptocurrency segment on Weekend Update, but the cryptocurrency is still down over 20% at the time this article went live.
DOGE had dropped ahead of Elon's cryptocurrency segment on Weekend Update, but the cryptocurrency is still down over 20% at the time this article went live.

Now DOGE has rebounded off the lows. Hilariously enough, the rally occurred during Elon Musk's Weekend Update segment. He did say that Dogecoin was "a hustle."

Sometimes, there are sell on the news events. Either way, you have to keep posting memes.
Sometimes, there are sell on the news events. Either way, you have to keep posting memes. Image courtesy of @DogecoinMemes

As of right now, DOGE is down 20% in the last day. It is volatile as heck. Very wow. Such price movement. 

Such meme!
Such meme!

Here's some interesting facts about Dogecoin:

  • Over $70 billion market capitalization
  • $0.4712 is the 24 hour low
  • $0.7397 is the 24 hour high
  • $0.022 is the 52 week low
  • $0.7397 is the 52 week high
  • There are currently 129.36 billion DOGE in circulation
  • It started as a meme, they used to read Word Up magazine
  • Much information
  • Wow!

Who knows where Dogecoin is going in the long run, but it is certainly down today. This might be a lesson for people out there, that buying risk assets on the speculation that a TV show appearance by a billionaire CEO might not be the best idea? This isn't financial advice, but food for thought.

Are you long Dogecoin? Do you hate Dogecoin? Do you not care about Dogecoin? Do you own a Shiba Inu dog? Let us know in the comments section, and please post a picture of your dog. Such community engagement! Very wow!

Stonk Market Expert
Stonk Market Expert

Greatest Editor Ever.

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