Elon Musk's look on SNL assisted Dogecoin recover from its fall. It's still up over 800% in a month.
On Sunday afternoon, Dogecoin's price recuperated after dropping to $0.42 earlier in the day, a plunge that lots of experts linked to Elon Musk's Saturday Night Live performance.
Musk's hosting gig on Saturday Night Live prompted Dogecoin's price to drop almost 40%. But in the hours that followed, it recuperated rather considerably.
After a troubled day on Sunday, Dogecoin's price rose back up to 56 cents at publication time. The only unfavorable referral to Musk was his "awkward" SNL monologue and overall performance.
Dogecoin's readers revealed hope in floods of messages on social media. Many boasted about purchasing a low of 42 cents on Sunday early morning.
As of 4 p.m. EST, Dogecoin's price has not yet completely recuperated after a rise of 33 percent the day previously.
Musk's Texas-based SpaceX, which revealed plans to release the DOGE-1 Mission to the Moon on Sunday, is the first-ever cryptocurrency application beyond Earth orbit, with its vice president of business sales detailing the job.
" It could lay the structure for interplanetary commerce," SpaceX's Tom Ochinero told CNBC.
In a recent video, Dogecoin YouTube personality Matt Wallace said, "The shorts are masochists - it's back to 60 cents!"
Musk tweeted a photo depicting a dog barking at the moon on April 15 and sparked a discussion about the cryptocurrency.
Last month, the Mars-minded entrepreneur made his Dogecoin fans pleased by stating, "SpaceX is putting an actual Dogecoin on the moon."
Musk's performance was connected directly to the current plunge in Dogecoin rates, the result of which Musk critics have been ranting about for weeks.
" Deceptive and deeply uncomfortable," was the headline in The Daily Beast's evaluation, referring to Musk's claims of having Asperger's.
Others argued Musk was only using the show to market his financial interests, consisting of the Dogecoin cryptocurrency.
Bitcoin developer Josh Jordan stated in a tweet: "I dislike Elon Musk since he controls properties such as Dogecoin, Gamestop, etc which can eventually hurt a great deal of uninformed retail investors."
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