Elon Musk, sometimes referred to as the “Dogefather,” proved that he is still capable of driving market momentum after he asked his followers if Tesla Inc (NASDAQ:TSLA) should accept Dogecoin (CRYPTO: DOGE), and only 10 minutes after the price of DOGE was up by 15%.
What Happened: At the time of writing, 77% of over one million voters were in favor of the automaker accepting Dogecoin as a means of payment.
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Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021
The Tesla CEO also commented on a Bloomberg article that called the popular meme-based cryptocurrency “the people's hustle.”
Dogecoin is democratizing the hustle. https://t.co/Z6JcuHq4Kw
— Tim Culpan (@tculpan) May 11, 2021
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Moments after Musk tweeted the words “Exactly” in response to the author’s claims that Dogecoin is “democratizing the hustle,” DOGE’s price surged to $0.539, recovering most of yesterday’s losses.
Why It Matters: Musk’s appearance on SNL had the opposite effect to what most people anticipated, after he admitted DOGE was a hustle leading to the cryptocurrency’s price falling by over 30%.
Even the announcement of a SpaceX satellite “Doge-1,” paid for completely in DOGE failed to provide strong resistance to its price as it fell from $0.58 to $0.44 on Monday.
See also: Dogecoin Plummets Over 30% After Elon Musk's SNL Appearance
As #DOGE Coin collapses over 50% from its peak, late buyers are begging Elon Musk to tweet something bullish after an unamusing Saturday Night Live performance.$DOGE #DogeCoin #SNLdoge pic.twitter.com/07P1pJ6R1e
— Mr. Whale (@CryptoWhale) May 9, 2021
At press time, DOGE was trading at $0.5048, recovering from the entirety of yesterday’s dip within a 45-minute time period. The coin’s 24-hour trading volume was at $19.9 billion, down 37% overnight.
Image: Heisenberg Media on Wikimedia Commons