The SNL live appearance of Elon Musk has finally concluded. And the result? DOGE (dogecoin) price is now down by 53.77% from its peak price of $0.7398 on Saturday. As of writing, DOGE (dogecoin) is now at $0.481103 in recent data by Crypto.co.
After announcing his live appearance on the TV show “Saturday Night Live”, the price of DOGE (dogecoin) started to soar. Musk is known as one the biggest proponents of Dogecoin along with another billionaire, Mark Cuban. He has been very vocal that DOGE (dogecoin) was his favorite crypto.
But seems like the recent event became a face-off for the “Dogefather” and the godfather of crypto and company. It became a battle between billionaires of the real world engaging in crypto.
Barry Silbert, the Founder, and CEO of Digital Currency Group betted against DOGE (dogecoin) and has gone short in advance. DCG is a conglomerate of five cryptocurrency-focused companies that own Coindesk. In a tweet, he even encouraged DOGE (dogecoin) holders to shift their investment portfolio to BTC (bitcoin).
Okay $DOGE peeps, it's been fun. Welcome to crypto!
But the time has come for you to convert your DOGE to BTC
[disclosure: we've gone short DOGE via https://t.co/s8Qde2Ub4Z]
— Barry Silbert (@BarrySilbert) May 8, 2021
The most anticipated day for DOGE (dogecoin) hodlers ended on a sour note with the price of the altcoin taking a nosedive.
Elon Musk’s tweets have highly influenced the price movement of Dogecoin in the past. With a single tweet, he made the price of the altcoin spike. It was only natural for DOGE (dogecoin) holders to anticipate that his appearance on the TV show will make the price of DOGE (dogecoin) soar even higher. Others were even expecting it to reach $1 after its price rose to $0.7398 a day before the show recording its newest all-time high.
Unfortunately, just an hour before the show, the price of DOGE (dogecoin) dropped to $0.66 and continuously fell.
But even the “Dogefather” has acknowledged the risk associated with investing in cryptocurrencies in one of his recent tweets.
Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq
— Elon Musk (@elonmusk) May 7, 2021
After he failed with his supposed mission to make the price of his favorite crypto spike, what do you think will the Dogefather’s next move? Do you think his tweets will still work this time? Let’s all wait and see.
DOGE (dogecoin) market cap is now down to $62,544,257,142 from its previous market cap of $80,089,226,982.