The DOGE price fell to a low of $ 0.41 on Sunday after Elon Musk tried to explain the “Dogefather” meme coin to SNL hosts
May started very positively for Dogecoin, which rose 124% in the first seven days of the month. There has been a lot of hype around the meme coin lately, partly fueled by Elon Musk, who teased his upcoming Saturday Night Live (SNL) appearance in late April by tweeting, “The Dogefather SNL May 8th”.
DOGE flipped both USDT and XRP early last week to reach fourth place in the cryptocurrency rankings by market capitalization. Ahead of last weekend’s show, DOGE rose to a new all-time high of $ 0.76 on Saturday, but then fell 46% to hit a low of $ 0.41 on Sunday.
Dogecoin made an early appearance in the program when it was mentioned in Elon Musk’s opening monologue. When the US celebrated Mother’s Day on Sunday, Musk’s mother joined in at the end of his monologue and said, “I’m looking forward to my Mother’s Day present – I just hope it’s not Dogecoin,” to which Musk replied, “It’s It”.
That wasn’t the show’s only Dogecoin reference. Later that evening, during the weekend update, Elon Musk showed up as “Lloyd Ostertag” financial expert to explain cryptocurrencies.
Musk introduced himself by saying “Call me the Dogefather” before being repeatedly asked “What is Dogecoin” by the hosts who apparently struggled to understand the coin. The skit ended with one of the hosts exclaiming, “Oh, so it’s a rush,” which Musk agreed before shouting, “To the moon!”
Despite the volatile price changes, there still seems to be a lot of investor interest in Dogecoin. On Sunday, the Gemini crypto exchange announced that it was introducing Dogecoin savings accounts to its Gemini Earn program. Users can now earn 2.25% APY on their DOGE inactivity credits.
According to The Block, the London-based fintech and financial services app Revolut is also due to introduce trading support for Dogecoin soon.
Since hitting its low on Sunday, the price of Dogecoin has risen to $ 0.52. It is still the fourth largest cryptocurrency by market capitalization with a market capitalization of around $ 69 billion, just $ 40 billion behind Binance Coin, which is currently third in the rankings.