Elon “the Dogefather” Musk jokingly calls the token a “scam” and its price drops below $ 0.50

Cryptocurrency Dogecoin, often driven by Elon Musk on Twitter, had its moment during the Tesla CEO’s appearance in Saturday night live, But the mention of Musk didn’t propel the price to the moon.

During his opening monologue on the comedy show Maye Musk jokingly told her son that she was hoping not to receive Dogecoin (DOGE) as part of her Mother’s Day gift this weekend. Although the first mention was made laughing by the live audience, lThe appearance of Musk as “financial expert” Lloyd Ostertag in the Weekend Update segment of Saturday night live it was lower and preceded a 30% drop in DOGE prices.

Referring to his character as “the Dogefather”, Musk said that The prices for Bitcoin (BTC), Ether (ETH) and especially DOGE had skyrocketed. but couldn’t jokingly answer SNL actor Michael Che’s question “What is Dogecoin?” The guest kept stepping out of the way with information about the history of the token and the shipment in circulation, but ultimately said so DOGE was “as real” as US dollars and called the cryptocurrency a “fraud”.

Elon “the Dogefather” Musk jokingly calls the token a “scam” and its price drops below $ 0.50
Elon “the Dogefather” Musk jokingly calls the token a “scam” and its price drops below $ 0.50

Shortly after the opening monologue DOGE’s price fell from $ 0.69 to less than $ 0.50 for the first time since breaking above the half dollar in early May. Although he partially recovered after Musk’s “Dogefather” segment, The token fell to $ 0.43 in the past 24 hours and is trading at $ 0.48 at the time of writing.

Many expected that Musk’s appearance on the comedy show would raise the price of DOGE after two weeks. Note on Twitter that he would appear in a sketch as a character named Dogefather. The tweets of the CEO of Tesla and the owner of the Dallas Mavericks, Mark Cuban, as well as the Posts by private investors on r / WallStreetBets He may have been responsible for the token’s skyrocketing price this year: The price of DOGE was under $ 0.01 on Jan 1st.

While the media portrays elements of the cryptocurrency space, parodies like that of Saturday night live You can reach a wider audience. The NBC show kicked off a rap sketch back in March that focused on the Non-Consumable Token (NFT) craze. What’s more Beacon pictures is planning a comedy with a theme that focuses on cryptocurrencies.

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