The price of the Dogecoin (DOGE), which had risen 130 times this year, fell sharply at the same time as Elon Musk’s recent comedy show.
to the the report CoinDesk, Elon Musk, famous American billionaire and CEO of Tesla and SpaceX, aired Saturday Night Live on NBC on Saturday night.
Maye Musk, Ilan Musk’s mother, who was with him on the show, told Ilan:
I’m so excited about Mother’s Day gifts. I just hope this is not a Dogecoin gift.
Musk replied jokingly:
Why, it just so happens.
In this comedy show, Musk played the role of a digital currency expert named Lloyd Ostertag. As part of the show, Michael Campbell and Colin, the hosts of the show, frequently asked the Musk “What is Dogecoin?” Musk also gave different answers to this question, and finally, he pointed out that Dogecoin was created for a joke from the beginning. In response, Michael Campbell described the Dogecoin as a “scam.” Finally, Musk jokingly referred to the creation of a new digital currency based on “everything he says” and gave a brief definition of Fiat currency financial systems.
The American billionaire, who is trying to take humans to Mars and build an electric car on Earth, said last week that he would be performing on the SNL program on Saturday night, and as expected, the price of Dogecoin grew well during this period.
Of course, the price of Dogecoin dropped 18% after the start of the program at 8 am Tehran time, and at the time of writing, this digital currency is trading at a price of about $ 0.52. Dogecoin prices have dropped 22 percent in the last 24 hours.
Dogecoin, Ilan Musk’s popular digital currency, has grown more than 130-fold this year. Also, the price of Dogecoin has risen 73% since last Sunday, specifically with the speculation that the presence of the Musk in the SNL program will increase its price.
Barry Silbert, founder of Digital Currency Group, revealed on Saturday that the company was betting on a Dogecoin price drop. DCG is the parent company of CoinDesk.
Many recent Dogecoin pumps are attributed to the Musk. This digital currency often grows rapidly immediately after Musk tweets about it.
Although Dogecoin was a joke, its price growth this year has outpaced most digital asset market currencies. For example, the price of bitcoin has doubled this year, which means that Dodge Coin has grown 65 times faster than Bitcoin.
As a result of this price increase, Dogecoin’s market value had risen to more than $ 80 billion, roughly equal to BNP Paribas, France’s largest bank; But because of its price drop, its market value is currently just over $ 70 billion.
So far, only a handful of Dodge Quinns have been accepted as payment instruments; But acceptance of this digital currency seems to be expanding. The Dallas Mavericks basketball team, for example, recently adopted Dogecoin as a means of payment.
It should be noted that although Ilan Musk is a Dogecoin fan on Twitter and often tweets about Dogecoin, in fact he has not devoted any part of his company capital to this digital currency.
Musk-owned Tesla added $ 1.5 billion in bitcoins to its balance sheet last year and then sold some of those bitcoins worth $ 272 million in the first quarter of 2021.
Musk also warned his Twitter followers last week to “invest cautiously”, saying that digital currencies may be the only fun tools for speculation.
Tesla CEO said:
People should not invest their entire life savings in digital currencies. I think this is not wise.
Musk also reminded fans that the Dogecoin was made for a joke from the beginning.