Elon Musk's Appearance On SNL Fails To Boost Dogecoin Price

JAKARTA – Tesla and SpaceX boss Elon Musk has revealed that Dogecoin (DOGE) is his favorite cryptocurrency. Dogecoin prices often skyrocket due to its tweets. But Elon Musk failed to push up DOGE prices at yesterday's SNL event.

Earlier, Maye Musk's son had also tweeted that he would bring Dogecoin to the Moon. In fact, the plan is not just a thumbs up.

Not long ago, Musk revealed the continuation of the plan in his tweet saying that he would launch a "DOGE-1" mission to the Moon using a SpaceX rocket.

Elon Musk's rocket company is also rumoured to be accepting Dogecoin as a means of payment in the near future.

SpaceX launches satellite Doge-1 to the moon next year. https://t.co/xXfjGZVeUW

— Elon Musk (@elonmusk) May 9, 2021

"SpaceX launches Doge-1 satellite to moon next year – Mission paid with Doge – First Crypto in space – First meme in space," Elon Musk said in his Twitter tweet on Monday, May 10.

The previous day, Dogecoin funded a company called Geometric Energy Corporation for doge's important mission in the future. Geometric Energy Corporation is rumoured to have announced a mission that will make DOGE the first cryptocurrency in space. Dogecoin is intended to be an interplanetary exchange tool.

"This mission will demonstrate the application of cryptocurrencies beyond Earth's orbit and establish the basis for interplanetary trade," Tom Ochinera, SpaceX's vice president of commercial sales, said in an official statement.

Now Elon Musk has openly expressed his support for the crypto-money with the Shiba Inu dog logo. Previously, he also openly supported Bitcoin until it purchased 1.5 billion US dollars in February 2021.

According to Coindesk's report, doge's price is currently at 0.56 US dollars. Dogecoin fell by 16.45 percent after Elon Musk appeared as a host on saturday night live television show yesterday.

The slump in doge price is expected due to take profit action from large investors. Whereas a few days earlier the price of Dogecoin skyrocketed to 100 percent.

According to Coin Market Cap's report on Monday 10 May, Dogecoin's current market capitalization touches 69 billion US dollars. The number of Dogecoins in circulation is 129.53 billion.