Dogecoin Dipped by 75% Against Bitcoin After Elon Musk SNL

• The dogecoin market crashed by 75% in a specific interval.
• Tesla sold its 75% BTC holdings in the first quarter of 2022.  

After organizing a “Saturday night party” by Elon Musk, Dogecoin trading prices degraded by 75%. 

It is believed that the appearance of Elon Musk as a guest host on Saturday Night Live held on may 9th, including a sketch titled “The Dogefather.” impacted the growth of Dogecoin. 

Before Elon’s appearance and getting up at the party, he used to tweet memes on Dogecoin and specific images that helped DOGE. This cryptocurrency started as a joke to attain a market capitalization worth of $90billions in May 2021.  

In just two years, the currency gathered popularity and gained 36,000%. 

Investors reflected hopes that even a hopeful wink from Musk on SNL towards DOGE would prompt his 106 million followers to purchase the meme token. But Musk did a capricious thing: he named Dogecoin a “hustle.” 

A day later, prices of Dogecoin started facing a downtrend from their all-time high, although it continues to downtrend to date. 

In May 2021, after trading at $0.76 at the highest price, the prices of Dogecoin started falling, and in comparison to the U.S dollar price decreased by 90%.  

After this incident, Musk tried harder to attract crypto users and investors’ attention to Dogecoin.     

In May 2021, Musk revealed that he had worked with developers of Dogecoins to improve its blockchain transaction efficiency since 2019. He stated that his companies, Tesla and SpaceX, have started accepting payments in Dogecoin for their merchandise. This statement created hype, and prices increased for a short time. 

Musk stated during the market crash in march 2022 that he would not sell his cryptocurrency holding, including DOGE and Bitcoin, but after three months, Tesla sold its 75% BTC holding and stated that BTC holding is sold to regulate cash flow in the firm.         

Earlier, Elon Musk planned to buy Twitter, a social media giant, and Twitter was planning to add DOGE payments on the platform; due to some dispute, the agreement broke up.  

In the first quarter of September 2022, Tesla introduced a limited-edition collectible inspired by its Cybertruck vehicle that can be purchased using Dogecoins only.  

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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