Dogecoin's value dips after Elon Musk's appearance on 'SNL', netizens begin meme fest

The cryptocurrency business is challenging, and this may not be the only explanation for Dogecoin's decline. The value of Dogecoin, a businessman's self-proclaimed preferred cryptocurrency, has plunged as a result of Tesla CEO Elon Musk's much-anticipated presence on the American comedy show "Saturday Night Live." On Friday, May 7, ahead of the show, Musk pushed the value of Dogecoin to an all-time high by tweeting a photo of himself with a Shiba Inu puppy, the dog that is the face of Dogecoin. The value of Dogecoin increased to 73 cents on Friday and Saturday, leaving many wondering if the ‘meme crypto' would hit a US dollar. However, after his appearance on Saturday Night Live (SNL), Dogecoin's value crashed.

Why Dogecoin cryptocurrency fall?

The drop occurred after Musk, who often jokes about Dogecoin's value in his tweets, referred to it as "a hustle."   Musk was asked if Dogecoin was a hustle while playing a financial expert on Saturday Night Lives "Weekend Update" episode. “Yes, it's a hustle,” said SpaceX CEO Elon Musk .

Musk's response and the sharp drop in the value of Dogecoin started a meme fest on social media. Users shared interesting and hilarious posts, however, some people showed concern over the news. Here are some must watch reactions from Twitterati:

Dogecoin cryptocurrency in the market

The Dogecoin cryptocurrency was created as a joke in 2013. Dogecoin was created by its founders to be a fun introduction to the world of cryptocurrencies for the general public. Doge gained popularity over time as a result of its status as a meme, and the iconic 'Shiba' doge served as the currency's face.' Dogecoin was just a few pennies in price a couple of years ago.

The coin has grown in popularity over the last year or so all over the world. People began to purchase the coin all over the world because of its low price relative to other currencies. Jordan Belford and Elon Musk were among the celebrities who endorsed the coin, and Slim Jim used it as part of their marketing campaign. Dogecoin, on the other hand, has a massive supply, with about 10 million Dogecoin added to the supply every day. 

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