Elon Musk, the CEO of Tesla and SpaceX, appeared as a guest on Saturday Night Live last weekend. His appearance and speech were long-anticipated, and not only did the entire crypto community watch — many of its members even took to betting on what Musk was going to talk about. A lot of people were convinced that he will at least reference cryptocurrencies in some way, with some betting that he will focus on BTC, and others that he will talk about DOGE.
As we now know, Musk did mention crypto among other things, and he approached the entire monologue from a comedic standpoint. As his appearance approached the closure, he also brought his mother on stage, doing a bit in which she said that she hoped that her Mother’s Day gift is not DOGE. Musk, of course, responded that it is.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
His closing words were that DOGE was a hustle, and many assumed that this is the reason why DOGE price slightly dropped over the weekend.
Dogecoin is a hustle
While the opinion that Musk’s words pushed DOGE down somehow became quite widespread, it appears that it is not entirely correct. DOGE started dropping even before Musk’s speech, due to an oversale.
Essentially, as the appearance on SNL approached, the hype kept pushing the coin’s price up, and in those final moments before SNL, some holders decided that DOGE has likely reached its peak. Not wishing to wait and see what would happen after Musk’s speech, they started selling to make a profit, thus causing the price to drop somewhat.
The fact is that Musk remains a supporter of DOGE, and the coin recovered fairly quickly after this drop. As for his statement that DOGE is a hustle, the move sparked plenty of debates regarding whether Musk was joking or not. Actions speak louder than words, however, and it should be noted that Musk’s company, SpaceX, has plans to launch a small satellite — purchased entirely with Dogecoin — into the Earth’s lower orbit in 2022.
So, no matter what is said about the coin, one of the world’s most advanced and most futuristic space firms has used it to buy a satellite that it will proceed to send to space.