Just recently, Elon Musk made his guest appearance on the SNL show to give DogeCoin (DOGE) a little shout-out — a wildly anticipated event since its announcement. Considering SNL’s status as a household name, Elon’s appearance on the NBC’s show will definitely affect the DOGE market significantly.
Predictions regarding DOGE taking a significant nosedive has proven to be true, much to the dismay of hopeful DOGE enthusiasts and investors.
A closer look at the dip
DOGE has gone from $0.70 (23:36 EST) to $0.49 (00:19 EST), decreasing by approximately 30%.
There are those who speculated that some, particularly the whales, decided to sell off their DOGE before the dip occurs as they are unwilling to take the risk.
Just days ago, some analysts and even Elon himself advised everyone to invest in DOGE wisely. While they did not explicitly tell them to steer clear of the coin, the cautionary words have kept some on their toes with their fingers or cursors hovering above the “Sell” button.
Due to heavy user traffic, Robinhood — one of the major stock trading and investment apps that enables users to buy and sell cryptocurrencies — experienced a technical difficulty during the SNL show. This is the second crash that happened within the past seven days.
Update: We’re currently experiencing issues with crypto trading. We’re working to resolve this as soon as possible. For the latest updates, check https://t.co/ZS733G6N1J
— Robinhood Help (@AskRobinhood) May 9, 2021
On the other side of the (doge)coin
While it may seem like DOGE is a lost cause, there are still people who remain hopeful about the currency.
Some believed that, much like any well-performing coins out there, DOGE is just experiencing a temporary setback and will recover from the crash someday.
During one of SNL’s skits, Elon posed as a character explaining to a group of clueless but inquisitive characters about what dogecoin is, to which he described the token in different ways each time he is asked “what is dogecoin?” While this skit only covers the absolute basics of the digital currency, it helps to educate the public about cryptocurrency in general.
Much like any emerging technologies, humans are afraid of what they do not understand. By exposing the public to cryptocurrency, it could help alleviate their FUD (Fear, Uncertainty and Denial) regarding digital currencies and usher in an era of decentralized currency system.