Dogecoin Price Plunges Caused By Elon Musk’s SNL Appearance

Kabosu, the Shiba Inu, was a hotly debated issue back in 2013 for his facial expression. For the individuals who don’t know, Kabosu was known as the Internet meme called “Doge”. The image comprises a photograph of the Shiba Inu, joined by multi-shaded text in Comic Sans font in the backdrop. The content, addressing a sort of inward talk, is written in a type of broken English. 

Why are we talking about this dog? Well, during the same year when Kabosu was popular, computer engineers Jackson Palmer and Billy Markus decided as a joke to make an installment of a cryptocurrency called “Dogecoin”, with the image of the Shiba on front of the coin. They promoted this type of cryptocurrency as a “entertaining and amiable internet currency”,  referring to its starting points as a joke.

These software programmers didn’t understand that it would bounce almost 300% in value within 72 hours of creating it, ascending from $0.00026US to $0.00095US. What was even more crazy was that in December of 2013, they got into their first significant burglary when a huge number of coins were taken during shack on the online cryptocurrency wallet platform. You might think “Wow, that must suck. It’s the end of Dogecoin”. You’re wrong. Since it was the most mentioned topic on Twitter at that point, the Dogecoin community began the hashtag #SaveDogemas, and helped cover all the coins that were stolen.

Like every cryptocurrency, there will be drops and rises. It raised in 2013, dropped in 2015, raised again in 2017 and in 2020 it’s been steady, until Elon Musk mentioned it a couple days ago on SNL. It’s just funny how after a huge celebrity or well known person mentions something, sales either have a huge positive or negative impact.

Since Dogecoin was mentioned on SNL by Elon, the meme-inspired cryptocurrency fell as much as 29.5%, dropping to 49 cents at one point. In a Q&A with hosts Michael Che and Colin Jost, Musk called himself the “Dogefather,” said dogecoin was a “hustle,” and howled, “To the moon,” a catchphrase popular among doge enthusiasts intent on driving the value of the cryptocurrency to one dollar. The price of dogecoin began to rebound during the “Weekend Update” skit. As of this writing, it is worth 57 cents, down about 17% from the beginning of the show.

Since Dogecoin was referenced on SNL by Elon, the crypto fell as much as 29.5%, dropping to 49 cents. At one point in a Q&A with Michael Che and Colin Jost, Musk considered himself the “Dogefather” (It’s been said that he invested $180,000 on Dogecoin in February), and howled “To the moon,” an expression famous among doge lovers goal on driving the worth of the cryptocurrency money to a dollar. As of this composition, it is worth 57 pennies, down about 17% from the start of the show.

Overall, is Dogecoin worth investing? Some argue yes, some argue no. In my opinion, it’s a big no. It was never intended nor a good investment crypto; but for some people, that may just be the reason to buy it. 

 

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Amy Chung, Oakville ON, May 2021

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