The DOGE price fell to a low of $ 0.41 on Sunday after Elon Musk aka “The Dogefather” tried to explain the meme coin to the hosts of “Saturday Night Live”
May started very positively for Dogecoin: in the first seven days of the month, the cryptocurrency rose by a whopping 124 %. The recent hype surrounding the meme coin was driven in part by Elon Musk, who announced his upcoming appearance on “Saturday Night Live” (SNL) in late April in a Tweet announce: „The Dogefather SNL May 8“.
Early last week, DOGE overtook both USDT and XRP to take fourth place in the cryptocurrency rankings by market capitalization. Before last weekend’s broadcast, DOGE rose to a new all-time high of $ 0.76 on Saturday, but then fell 46% to a low of $ 0.41 on Sunday.
Elon Musk mentioned Dogecoin in his opening monologue. Since Mother’s Day was also celebrated in the USA on Sunday, Musk’s mother also appeared at the end of the monologue and said: „I’m already looking forward to my Mother’s Day gift – I just hope it’s not a dogecoin“ to which Musk replied: „That’s it.“
But that was not the only reference to Dogecoin in the show. Later in the evening, during the weekend update, Elon Musk slipped into the role of financial expert „Lloyd Ostertag“and tried to explain cryptocurrencies to the moderators.
Musk confronted himself with the words „Call Me the Dogefather“before, before he was asked repeatedly by the moderators who apparently had difficulty understanding the coin, what Dogecoin actually was. At the end of the sketch, one of the presenters called: „Oh, so it’s pure rip-off?“. Musk agreed and called „To the moon!“.
Despite volatile price fluctuations, investors seem to continue to have great interest in dogecoin. On Sunday, the Gemini crypto exchange announced that it plans to introduce Dogecoin savings accounts into its Gemini Earn program. This allows users to earn 2.25% effective annual interest on their unused DOGE credits.
According to The Block, the London – based fintech and financial services app Revolut will soon support dogecoin trading.
Since the low on Sunday, the dogecoin price has risen again to 0.52 US dollars. With a market capitalization of around 69 billion US dollars, Dogecoin remains the fourth largest cryptocurrency, just under 40 billion US dollars behind Binance Coin, which currently ranks third.