Blockchain

After a mention from Elon Musk on Saturday Night Live, Dogecoin dumped

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The Meme cryptocurrency Dogecoin finally received the long-awaited shouts on Saturday night-but despite the high hopes of some people, the direct result was violent abandonment.

After being mocked by entrepreneur and DOGE cheerleader Elon Musk in late April, Tesla CEO finally mentioned digital assets in a sketch comedy opening remark on live TV tonight. The reference is a one-time phone call from Musk’s mother. Musk went with him on the stage and asked her if her Mother’s Day gift was Dogecoin? Musk replied that he would.

In the next few minutes, $DOGE fell by 25%, from the high of $0.66 at the beginning of the show to $0.50. Afterwards, it partially recovered, and the transaction price at the time of issuance was $0.52.

One hour before the start of the episode, the price of DOGE was $0.66, which was lower than the all-time high of $.72. A pair of bearish headwinds may be jointly responsible for the decline in the stock market: Musk himself seems to be trying to avoid hype, urging followers in tweets to “invest with caution,” and a large amount of new data suggests that many investors may be taking action. Transform its DOGE profits into other large digital assets.

In addition, Barry Silbert, the founder and CEO of Digital Currency Group, the parent company of the cryptocurrency investment tool company Grayscale, announced the public offering of DOGE through the FTX exchange. In a series of follow-up tweets, he revealed that the size of the position is $1 million, and any proceeds or remaining funds after completing the short position will be donated to charity.

(It is not clear whether Hilbert is using “we” to refer to one of his portfolio companies’ digital currency group, or simply and strangely using plural pronouns to refer to himself).

Despite this, many DOGE investors still hope to speak out about what appears to be a major pop culture event. NNL is the studio behind SNL. This is the first time in history that the episode will be broadcast live on YouTube. each The Wall Street Journal.

Even mentioning it may have a significant impact on the price of DOGE: it turns out that the meme currency is The number of positive-based social media is vulnerable to price fluctuations, And multiple studies have shown Tweets from Musk usually lead to price increases enjoy. It is believed that mentioning on a larger platform has the potential to bring greater benefits.

Sam Trabucco, a trader at Alameda Research (who said in a previous tweet that he “is studying the typical SNL plot structure to try to understand when DOGE will be the most natural situation”) is the premiere of the show, he speculates If you make a joke or don’t mention it in Musk’s opening monologue, it’s “all over”.

Despite arriving in the monologue, the traders reacted negatively. It remains to be seen whether the sketches centered on DOGE in the later stage of the performance can reverse the fate of speculative assets.