DOGE Price: Drop From $0.6485 To $0.4302 Explanation

By Amit Chowdhry ● May 9, 2021
  • The price of the Dogecoin (DOGE) cryptocurrency dropped from $0.6485 as of 1 AM ET to $0.4302 as of 1:45 PM ET. This is why it may have happened.

The price of the Dogecoin cryptocurrency dropped from $0.6485 as of 1 AM ET to $0.4302 as of 1:45 PM ET. Investors appear to be responding negatively to the appearance of Elon Musk (nicknamed “The Dogefather”) on Saturday Night Live last night. 

In a few of the skits and Musk’s monologue, he appeared to be poking fun at the meme-inspired cryptocurrency. During the monologue, Musk’s mother Maye appeared and requested that she does not want to receive Dogecoin as a present for Mother’s Day:

 

And in one of the SNL skits, Musk appeared as a fictional financial expert named Lloyd Ostertag during the “Weekend Update” segment of Saturday Night Live. In that skit, he cited Dogecoin as being a “hustle” after being asked “what is Dogecoin?” multiple times by Michael Che and Colin Jost:

Many investors may have believed that this was portraying the cryptocurrency in a negative way so that may have caused the sell-off.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.