Saturday was a big day for the Dogecoin community as Elon Musk made his much awaited appearance on Saturday Night Live. While the episode was full of cringey jokes, Musk did mention Dogecoin a few times; told his mom her Mother's Day gift was Dogecoin, called himself "the Dogefather," and Dogecoin a "hustle" and "an unstoppable financial vehicle that's going to take over the world." You can watch the full episode here.
On April 24, when SNL announced Elon Musk would be hosting the show, Doge was trading at 25 cents, and on Saturday it hit a high of 74 cents, in anticipation of Doge name drops that would drive it to $1. Unfortunately for Doge holders, the opposite happened, and Doge started tanking (hit a low of 42 cents just after the show ended). Whether the cringey jokes are to blame or the dumping of Doge from a whale, we are not sure.
Short Squeez Takeaway: Much of Dogecoin's rise from 1 cent to now over 50 cents can be attributed to Elon Musk, and we'll bet all of our Dogecoin that Elon Musk will not stop pumping Doge to the moon, quite literally; on Sunday he tweeted that SpaceX will be launching a satellite, Doge-1, to the moon next year and the mission will be paid for in Dogecoin. Doge to $20 any one?