Elon Musk on Saturday Night Live, Dogecoin (DOGE) price drops
While many DOGE token holders and Dogecoin fans hoped to see the Dogecoin price rise to $1 thanks to Elon Musk’s participation in the popular Saturday Night Live TV show, the opposite effect has happened with a DOGE price that fell 30% to $0.47 on Kraken.
An event eagerly awaited by the Dogecoin army and especially all those who bought DOGE on the advice of Elon Musk, CEO of Tesla, who is clearly behind the unexpected success of this cryptocurrency with the logo of a friendly dog.
“Buy the rumor, sell the news,” so that’s kind of what happened with the “Elon Musk show” on Saturday Night Live.
Elon Musk’s mother, Maye, was also on the NBC TV show and learned that her Mother’s Day gift is Dogecoin.
Elon Musk had promised to mention his favorite token, so he did so when he told his mother that she would receive DOGE tokens for her special day.
— Saturday Night Live – SNL (@nbcsnl) May 9, 2021
Certainly a disappointment for the fans of Elon Musk fans who bought Dogecoin and expected to see its price rise thanks to his participation in this show watched in the United States and around the world.
Trading stocks or cryptocurrencies is unpredictable, especially in a market with as much volatility as the crypto market.
An expected event can indeed have the opposite effect on the price of an asset, many speculators betting on public euphoria caused by an important event, these speculators then sell their tokens on the date of the event while a significant portion of the public expects the price to go up.
This is what happened on Saturday night in the United States, a massive sale of DOGE tokens that caused the Dogecoin price to drop by 30%.
A Dogecoin price currently around $0.55 on Kraken, remains to be seen whether the fall stops here or if the DOGE price drops lower, the market will decide.
Fans of Dogefather Elon Musk are certainly awaiting comments from the CEO of Tesla, on this drop in the price of Dogecoin when this TV show aired.