Meme-based cryptocurrency Dogecoin, often pushed by Elon Musk on Twitter, got its moment during the Tesla CEO’s appearance on Saturday Night Live, but the shoutouts didn't drive the price to the moon.
During his opening monologue on the comedy show, Maye Musk jokingly told her son she hoped she wouldn’t be receiving any Dogecoin (DOGE) as part of her Mother’s Day gift that weekend. Though the initial mention received its share of laughs from the live audience, Musk’s appearance as "financial expert" Lloyd Ostertag on Saturday Night Live's Weekend Update segment was more in-depth, and preceded a 30% drop in the price of DOGE.
Referring to his character as the “Dogefather,” Musk said prices had been soaring for Bitcoin (BTC), Ether (ETH), and DOGE, but was jokingly unable to provide an answer to SNL cast member Michael Che’s question on “What is Dogecoin?” The guest dodged and deflected with information about the token’s history and circulating supply, but eventually said DOGE was “about as real” as U.S. dollars and referred to the cryptocurrency as a “hustle.”
Global public interest in Dogecoin (DOGE), as measured by internet search statistics, has exceeded that of Bitcoin (BTC) for the first time. According to data from Google Trends, values assigned to each cryptocurrency for May 2–8 stand at 56/100 points for DOGE versus 48/100 for BTC.
As the chart below shows, search interest in DOGE over the past 12 months has often closely correlated with peaks and troughs in public interest in Bitcoin, although the interest in the two coins has previously diverged. This week, however, shows not only a strong non-correlation but a higher level of interest in DOGE in absolute terms.
As previously reported, DOGE has had nothing if not a dramatic 2021. In mid-April, the coin gained 80% in value in just one day to cap 5,000% in year-to-date returns. As a quintessential meme cryptocurrency, much of the asset's dizzying price hikes have been fueled by social media sentiment and, arguably, its frequent, if jocular, endorsement by Tesla CEO Elon Musk.
Despite DOGE’s dramatic crash following the highly anticipated episode of Saturday Night Live hosted by SpaceX founder and hypothetical Dogecoin CEO, Elon Musk, many dog-tokens that recently rode DOGE’s coat-tails are still up several-hundred percent in just a couple of weeks after driving billions in trade volume on Uniswap v3.
Since Uniswap v3’s launch, the WETH/SHIB pairing ranks as the top pairing by both total fee generation with $2.4 million and number of trades with nearly 57,000, beating out second-ranked WETH/USDT with $750,000 generated over nearly 8,500 trades.
This Daily Dose was brought to you by Cointelegraph.