Elon Musk's appearance on "Saturday Night Live" did not help Dogecoin at all. In fact, the cryptocurrency even saw a decrease after the Tesla CEO's highly anticipated hosting in the popular show.
Before his guesting on the show, Musk labeled himself as The Dogefather," sending investors and the community in a frenzy as they try to get a hold of the popular digital asset. Moreover, ahead of "SNL" on May 8, there was much hype surrounding the value of the cryptocurrency--with several Dogecoin price predictions seeing the possibility of it hitting the $1 mark.
Unfortunately, that didn't happen at all, though Dogecoin value peaked at 70 cents in a new high for what has been called as the meme coin.
Dogecoin Price Prediction Fail: 40% Decrease
As revealed by Hypebeast, Dogecoin's value decreased by nearly 40 percent after Elon Musk's SNL appearance--contrary to what analysts predicted.
Per the report, the once-called joke coin reached $0.73 before Musk hosted SNL. However, it then plummeted to $0.49 despite Musk mentioning it twice during the show--the first one in his opening monologue and the second one during the satire segment where he called himself the "Dogefather" once again.
For what it's worth, as of time of writing, the Dogecoin value is at $0.55 according to Coin Market Cap.
While it is not a bad result for Dogecoin at all, it is still quite disappointing for investors and the people who expected it to break through the $1 mark. After all, the community behind it has been rallying for the cryptocurrency to gather momentum to reach the said threshold.
Dogecoin to the Moon!
While the Dogecoin price predictions did not live up to expectations, it is still not too late for the meme coin to bounce back and maybe reach $1.
As Reuters noted, SpaceX will be launching a Dogecoin-funded moon satellite in 2022. In a tweet, Musk confirmed the development and noted that the "DOGE-1 Mission to the Moon" will be the first cypto and meme to be in space.
SpaceX is now accepting Dogecoin as payment to fund the project, which is an opportunity for the cryptocurrency to further elevate its value.
With this development, it is more than likely that Dogecoin's value will reach its target sooner rather than later.\
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