Dogecoin prices were north of 70 cents early Saturday and had pulled back a bit to around 65 cents just before the show aired.
The cryptocurrency promptly fell about 20% to 51 cents just after the show and kept sliding to about 44 cents Sunday morning before recovering a bit.
The post-“SNL” slide shows how fraught dogecoin’s rise has been. The show is a comedy series, not an infomercial, and anyone expecting Musk would be allowed to heap breathless praise on the cryptocurrency and not joke about it clearly miscalculated.
That news helped the cryptocurrency bounce off the low it hit Sunday. But it begs the question whether the pre-“SNL” price for dogecoin, which now has a total worth of $65 billion and is the world’s fourth most valuable cryptocurrency, will turn out to be its peak.
Of course, anyone holding dogecoin for the past few months has little to complain about. The price has surged more than 10,000% so far in 2021.
But in the rapidly changing world of cryptocurrencies, investors always have some other shiny new coin to explore.
There’s even an alternative canine-themed coin, the Shiba Inu, which has soared nearly 2,000% in just the past week and now has a market value of about $13 billion. Shiba Inu is the Japanese breed of dog that has become the face of many dogecoin memes.