Dogecoin prices dip sharply as Elon Musk appears on 'Saturday Night Live'

On Saturday the Dogecoin prices toppled as SpaceX and Tesla chief Elon Musk prepared to appear on the Saturday Night Live gig hitting New York City with the Cybertruck prototype. The Self proclaimed ‘Dogefather’ is expected to make a LIVE television appearance alongside Australian rapper The Kid Laroi, and American singer-songwriter Miley Cyrus despite mounting controversy and objections for taking the Studio 8H stage. In fact, shortly after Musk was declared a host, an SNL cast member Aidy Bryant tweeted that Musk’s riches were just about some "moral obscenity." 

Meanwhile, according to a Bloomberg report, with Musk hosting SNL, both Tesla and Dogecoin’s shares dipped by about 9 percent and 8 percent respectively in the past 24 hours at 7:20 pm in New York, according to Coindesk. The market value of the DOGE was influenced after the Tesla boss tweeted a picture of himself with Miley Cyrus, Australian rapper The Kid Laroi, and Shiba Inu dog stealing the show with a dazzling necklace that showed medallion with the cryptocurrency exchange logo plus the Kraken bank on the set of the NBC show Saturday Night Live. Elon had also tweeted, “Let’s find out just how Live Saturday Night Live really is,” causing a widespread backlash among his fans and followers, who have seemingly been disappointed with Musk’s appearance on the show.

Hollywood actress Aidy Bryant fired a response posting a screenshot of Bernie Sanders's tweet about wealth disparity, which read, “The 50 wealthiest people in this country own more wealth than some 165 million Americans. That is a moral obscenity.” The writer on Saturday Night Live and an American comedian Andrew Dismukes wrote, “the only CEO I want to do a sketch with is Cher-E-Oteri.”  Meanwhile, Elon Musk tweeted his picture from Manhattan with the vehicle, his "cybertruck prototype" telling his fans that he is already "in New York this weekend”. Musk also asked the followers for skit ideas, saying, "Throwing out some skit ideas for SNL. What should I do?” Musk joked, "Baby Shark & Shark Tank merge to form Baby Shark Tank" and "Irony Man - defeats villains using the power of irony”.

'Whale' behind price fall?

All this while, the shares for the cryptocurrency Dogecoin drastically fell after hitting an all-time high, which has also lately flared a theory by the investors posits that perhaps a wealthier investor that goes by the nicknamed a “whale” was behind the decline in crypto’s value, according to InvestorPlace.“DOGE investors on the forum are buying into the idea that one large whale is responsible for the price suppression theory,” it said on Reddit.  Earlier on Wednesday, DOGE’s prices had soared to $0.70 but the meme token dropped to $0.62. 

IMAGE: AP