DOGE price fell to $0.41 on Sunday after Elon Musk tried to explain the meme token to the hosts of Saturday Night Live (SNL) while billing himself as the “Dogefather”
May began very positively for Dogecoin, which surged 124% during the first seven days of the month. The meme token received intense media attention recently, in part because Elon Musk announced at the end of April that he would appear on the American show Saturday Night Live (SNL) by tweeting: “The Dogefather SNL May 8.”
Early last week, DOGE overtook both USDT and XRP to claim 4th place among cryptocurrencies by market capitalization. Ahead of the weekend broadcast, DOGE rallied to set a new all-time high of $0.76 on Saturday, but then plunged 46% to a low of $0.41 on Sunday.
Dogecoin was referenced early in the show when it came up in Elon Musk’s opening monologue. As the United States celebrated Mother’s Day on Sunday, Musk’s mother joined him at the end of the monologue and said, “I’m excited to get my Mother’s Day present — I just hope it isn’t Dogecoin…” to which Elon Musk replied, “It is.”
That wasn’t the only Dogecoin reference of the night. Later, during the Weekend Update segment, Elon Musk appeared to explain cryptocurrencies in the role of financial expert “Lloyd Ostertag.”
Musk introduced himself by saying, “Call me the Dogefather,” before repeatedly being asked, “What is Dogecoin?” by the hosts, who appeared to struggle to grasp the concept.
The sketch ended with one host exclaiming, “Oh, so it’s a scam,” to which Musk nodded and then shouted, “To the moon!”
Despite the price volatility, Dogecoin continues to attract investor interest. On Sunday, cryptocurrency exchange Gemini announced the introduction of Dogecoin savings accounts in its Gemini Earn program. Users can now earn 2.25% annual interest on unused DOGE balances.
According to The Block, London-based fintech app Revolut is expected to launch a Dogecoin trading service soon.
Since hitting its low on Sunday, Dogecoin’s price has recovered to around $0.52. It remains the 4th largest cryptocurrency by market capitalization, at roughly $69 billion, putting it about $40 billion behind Binance Coin, which currently occupies 3rd place.