The value of dogecoin (DOGE) fell from its record levels after Elon Musk appeared on Saturday Night, disappointing fans and investors who attempted to force the coin to reach $1.

Analysts had anticipated the Tesla (TSLA) CEO or as some call him, the “Dogefather,” to mention the crypto on the tv show and send prices upward, instead his mention of the coin crashed it almost 25% from $0.69 to $0.48 just a few minutes into his skit.

Dogecoin kept losing from its last week highs on Sunday, and is now trading at 33% lower at $0.47.

Meanwhile, Bitcoin (BTC-USD), which was chaotic in the past days and struggling to maintain its highs, was lower by 2.2% to $57,894.

Bucking the spiral, Ethereum (ETH-USD) — the second cryptocurrency after Bitcoin — increased on the decline, rising by 11% to get to a record of $3,958.

Cryptocurrencies have gained popularity in past months after many banks and popular investors threw their support behind crypto, sending prices skyward.

Last week, the Gemini crypto platform announced its support for dogecoin. This helped the meme-coin increase its market cap to $70bn to claim the title of the fourth-most valued coin

It took Amazon (AMZN) over ten years to give a 10,000% ROI to investors. But it only took dogecoin five months. It has increased by over 14,000% since the beginning of 2021.

Author: Steven Sinclaire

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