Despite the fact that DOGE has lost much of its value since its 15 minutes of glory last May, the Tesla founder continues to use it.
Dogecoin’s fanatical fan base thought that Dogecoin superfan Elon Musk’s imminent appearance on “Saturday Night Live” would send the joke coin’s value “over the moon” as its price approached an all-time high of $0.72 in May.
Instead, in the year since, its value has plummeted back to Earth.
DOGE is currently worth a little over $0.06 as of this writing, down about 91 percent since Musk’s SNL appearance on May 8, 2021. Musk delivered a series of monologues and skits that night, many of which mocked Dogecoin.
Musk admitted that Dogecoin was a “hustle” when pressed by cast members during the show’s hallmark “Weekend Update” spoof.
As the show aired, the coin’s value began to collapse in real time, losing roughly 20% of its worth in a single hour. During the SNL show, so many individuals sought to sell Dogecoin that the trading app Robinhood was briefly overloaded by the volume of transactions.
