Dogecoin to the moon is now a common phrase thanks to the Doge father himself Elon Musk. The SpaceX and Tesla CEO is one of the biggest fans of Dogecoin and his series of tweets have helped generate a buzz around the cryptocurrency.
During his debut at Saturday Night Live, it only took him 14 minutes to mention Dogecoin and the price immediately started plummeting. Over the past few months, Dogecoin has witnessed a 10,000 percent increase in price. In April 2020 it was sitting at just $0.05 but before Musk started hosting the Saturday Night Live it was sitting comfortably at $0.70.
In recent months, the rise of Dogecoin has spiked the market value to $70 billion, and Musk has already acknowledged himself as “the Dogefather” on Twitter. Dogecoin Enthusiasts were set to watch the SNL see if Elon Musk’s appearance would play to their advantage of trying to get the cryptocurrency to $1. Unfortunately, after he mentioned Dogecoin the price dropped by 24% to $0.49. the price of Dogecoin then came up from its low to $0.57 after the show finished.
The value of the digital currency started dropping immensely during the program that was streamed internationally on YouTube for the first time. During the Show, Musk introduced his mother Maye to the viewers. She said she was excited about receiving a Mother’s Day gift from her son but added: ‘’ I just hope it’s not Dogecoin’’. ”It is sure is’’ replied Elon Musk with a smile on his face.
In another segment of the show Musk was asked ‘’What is Dogecoin” he replied by simply saying it’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world. When Michael Che a cast member of the Saturday Night Live further countered “So it’s a hustle” Musk responded: ‘’Yeah, it’s a hustle’’ and then laughed.
The segment ended with Musk howling ‘’to the moon’’ a phrase used by online cryptocurrency investors trying to take up the value of their digital assets, this is the desired direction of travel for their investments. Over the past weeks, some retail investors and high-profile celebrities including Snoop Dogg and Kiss Bassist Gene Simmons have publicly expressed themselves regarding Dogecoin as their favorite digital asset.
Brief History of Dogecoin
Dogecoin is based on an internet meme a humorous online phrase or picture. Like bitcoin and other cryptocurrencies, it has enjoyed a meteoric rise between January to early may this year. We have seen it rise to 14,000 percent within a short period of time. A lot of new investors in crypto have surfaced online in recent months. This has led to some top analysts and even Musk himself asking people to trade carefully.
Dogecoin was created by Billy Markus and Jackson Palmer to create a peer-to-peer digital currency that could reach a broader demographic than Bitcoin. And also distance itself from the controversial history of other coins.