Dogecoin Falls 30% Despite Musk's Call to "Let's Go to the Moon" (Summary)

Despite Musk's Mention, 30% Plunge Followed by Attempt to Reduce Losses
Robinhood Faces Another Trading Glitch Amid Surge in Transactions
Investors Divided Between Complaints and Bargain Buying Stance

[Asia Economy New York=Correspondent Baek Jong-min] Elon Musk, CEO of Tesla, appeared on NBC's comedy show 'Saturday Night Live' (SNL), but the cryptocurrency Dogecoin instead plunged sharply.

Elon Musk, CEO of Tesla, is appearing on SNL as a cryptocurrency expert. (YouTube capture)

On the 8th (local time), Musk served as the host of SNL and led the show. As expected, Musk mentioned Dogecoin during the show, but contrary to many investors' expectations, the price of Dogecoin declined.

This contrasts with the past when Dogecoin surged sharply every time Musk mentioned it.

Dogecoin had expanded its gains ahead of Musk's SNL appearance, but the hoped-for moon landing did not occur. "Moon" is slang among American investors meaning a sharp price surge.

Musk's mention of Dogecoin came at the start of the show. When Musk's mother appeared and said, "I'm really looking forward to Mother's Day gifts. I hope it's not Dogecoin," Musk joked, "It's Dogecoin."

Then Musk appeared as a cryptocurrency expert and mentioned Dogecoin again. He introduced himself as the Dogefather and explained blockchain and cryptocurrencies that are not controlled by governments.

Holding up a one-dollar bill, Musk repeatedly responded to the anchor's question "What is Dogecoin?" by saying, "Dogecoin started as a joke. It's a cryptocurrency. You can exchange it for dollars. It's really like a dollar." Despite Musk's repeated explanations, the anchor replied, "It's confusing." Afterwards, Musk raised his hand and waved, shouting, "Let's go to the moon."

On that day, contrary to investors' expectations that Dogecoin's price would rise sharply due to Musk's mention, the price moved downward. Dogecoin's price rose to 72 cents early that morning but plunged sharply before the show started and fell to 49 cents after the Mother's Day gift joke. The 24-hour decline rate exceeded 30%.

Graph Showing Dogecoin Price Fluctuations

After Musk gave a detailed explanation about Dogecoin, it attempted to rebound, but the decline still reached 24%. After the SNL broadcast ended, Dogecoin was trading at 56 cents.

During the show, as Dogecoin's price fluctuated wildly and trading exploded, the Robinhood app again experienced trading disruptions. Robinhood has repeatedly faced trading outages during Dogecoin's sharp price swings.

Robinhood posted a notice about a cryptocurrency trading disruption during the SNL broadcast.

Investor reactions to the SNL show were mixed. Some expressed dissatisfaction, saying they had to watch their assets shrink while watching the broadcast, while many others saw the sharp drop as an opportunity to buy more. Those advocating additional purchases welcomed Musk's indication that Dogecoin would soar to 1 dollar.

Meanwhile, CNN reported on the Dogecoin decline, saying, "Some investors seem to have practiced the investment adage 'buy the rumor, sell the news.'"