Here’s How Much You Would’ve Lost If You Bought Dogecoin During Elon Musk’s Appearance On SNL

How Much Would You Lose If You Buy Dogecoin During Elon Musk’s Appearance on SNL?

Dogecoin (DOGE), the king of meme coins, was launched as a joke in 2013, combining two trending narratives of the time: Bitcoin (BTC) and the hilarious “Doge” meme. Elon Musk, owner of SpaceX, Tesla and the X platform, promoted DOGE primarily through his presence on Twitter.

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Musk made an iconic appearance on “Saturday Night Live” (SNL) on May 8, 2021, following his Dogecoin tweet series. Leading up to Musk’s appearance on SNL, DOGE experienced an impressive 30-day rally (up 1,000% from $0.056 on April 7 to $0.731 on May 7). DOGE reached its all-time high price of $0.737 on May 8, fueled by speculation that Musk might send DOGE “to the moon.”

Despite high expectations for the SNL segment, many viewers were underwhelmed. Musk struggled to answer questions about Dogecoin’s path and its viability as a digital asset. Ultimately, Musk admitted that DOGE was a “hustle” and destroyed the positive sentiment embraced by the DOGE community.

Musk’s appearance on SNL quickly turned into a “news selling” event according to the DOGE chart. In the few days following Musk’s appearance on SNL, DOGE’s price fell more than 40% to $0.418. DOGE exhibited a steady downward trend over the next few months, falling to $0.162 as of July 20, 2021, a 77.5% decline according to Musk’s view.

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DOGE remains dormant with minimal price movement for the rest of 2022 through early 2024. The lowest DOGE reached in the bear market was just under a nickel on June 18, 2022, a 93% decline from DOGE’s peak. If you invested $1,000 the day Musk first appeared on SNL and sold at that low price, you would only have $70 worth of DOGE.

Since March 2024, DOGE has ranged from 12 to 22 cents, with an average price of $0.15, down over 79% since DOGE’s peak. If you purchased $1,000 worth of DOGE when Musk appeared on SNL and sold your DOGE at today’s price, you would only have $210; which was less than a quarter of your investment.

Although DOGE has retreated significantly from its all-time highs, 2024 has been promising for DOGE, reaching prices not seen since 2021. There are also ongoing initiatives from Musk that could cause another DOGE rally.

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The first of these is the DOGE-1 lunar mission, the launch of the “DOGE-1” satellite funded entirely by Dogecoin. The second is speculation about Dogecoin’s integration with X, as Musk has talked about ambitious plans to turn X into a comprehensive financial platform. Currently, Musk is in the process of securing US payments licenses, potentially allowing DOGE payments via X. If history repeats itself, these events could lead to another major rally.

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This article How Much Would You Lose If You Buy Dogecoin During Elon Musk’s Appearance on SNL? Originally published on Benzinga.com

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