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Dogecoin has crashed 75% against Bitcoin since Elon Musk’s SNL appearance

DOGE price has more room to decline despite Elon Musk's visible efforts to revive its upside boom.

Dogecoin (DOGE) may be back in the top-ten cryptocurrency by market capitalization, but its loses in both USD and Bitcoin (BTC) terms since Elon Musk's SNL appearance are considerable.

Dogecoin loses Musk-effect

The DOGE/BTC trading pair has fallen 75% after peaking out at 1,287 satoshis on May 9, 2021, a day after Musk was a guest host on Saturday Night Live, including a sketch titled “The Dogefather.”

DOGE/BTC daily price chart. Source: TradingView

Before his appearance, the billionaire entrepreneur was relentlessly tweeting Dogecoin memes, images, which helped DOGE — a cryptocurrency that started out as a joke — to attain a market capitalization north of $90 billion in May 2021.

That's more than 36,000% gains in just two years. But things have gone downhill ever since. 

Investors reflected hopes that even an optimistic wink from Musk on SNL toward DOGE would prompt his 106 million followers to buy the meme-token. But Musk did an unforeseeable thing: he called Dogecoin a "hustle."

One day later, DOGE's price began its decline from its all-time high. It continues its downtrend to this day, changing hands for about 300 satoshis versus its peak value of 1,287 satoshis.

Simultaneously, the price of Dogecoin has crashed by more than 90% against the U.S. dollar after peaking out at $0.76 in May 2021.

Elon Musk's efforts to keep Dogecoin relevant

Musk has made multiple efforts to revive people's interest in Dogecoin ever since.

In May 2021, he revealed he had been working with Dogecoin developers to improve its blockchain's transaction efficiency since 2019. Additionally, Musk's Tesla and SpaceX also started accepting DOGE payments for their merchandise, prompting a sharp but short-lived price rally.

Moreover, Musk stated during a market crash in March 2022 that he would not sell his crypto holdings, including DOGE and Bitcoin. Nonetheless, Tesla sold 75% of its Bitcoin holdings three months after Musk's declaration.

The prospect of adding a DOGE payment option to Twitter also collapsed after Musk backed away from buying the social media giant.

In September 2022, Tesla launched Cyberwhistle, a limited-edition collectible inspired by its Cybertruck vehicle, which users can purchase only via Dogecoin.

Will Dogecoin rebound, then?

Traders have started ignoring Musk's celebrated association with Dogecoin, given their half-hearted reactions to his DOGE-related updates lately.

Instead, it appears that traders have been more focused on macro catalysts lately, primarily the Federal Reserve's back-to-back interest rate hikes that have put downward pressure on cryptocurrencies, stocks, and similar risk-on assets in 2022 and beyond. 

Related: Dogecoin becomes second largest PoW cryptocurrency

The technical setups also suggest the same. For instance, on the weekly chart, DOGE/BTC now tests 307 satoshis as its interim support, given the level's history as a strong price floor since November 2021.

DOGE/BTC weekly price chart. Source: TradingView

A decisive break below 307 satoshis would have DOGE/BTC test its 200-week exponential moving average (200-week EMA; the blue wave) near 244 satoshis as its downside target in 2022 — a 20% decline.

A 40% decline against the dollar

DOGE price has been trending inside a broad descending channel against the U.S. dolla since it topped in May 2021, now eyeing its lower trendline as the next downside target.

DOGE/USD weekly price chart. Source: TradingView

The target appears to be in the range defined by $0.048 and $0.036, given these levels' history as support. Therefore, DOGE could drop by roughly 40% against the dollar in Q4 2022.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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NFTs come to Saturday Night Live in rap sketch

"Everyone’s making so much money — can you please explain what’s an NFT?" asked Pete Davidson's Eminem.

The craze behind non-fungible tokens, or NFTs, has seemingly reached peak parody after NBC's famed Saturday Night Live sketch comedy featured it in a skit with United States Treasury Secretary “Janet Yellen."

In last night’s show hosted by former cast member Maya Rudolph, Yellen — portrayed by comedian Kate McKinnon — is speaking at a university economics class when a student asks her to address exactly what are non-fungible tokens through the medium of rap.

“What the hell’s an NFT? Apparently cryptocurrency. Everyone’s making so much money — can you please explain what’s an NFT?”

The sketch features an absurd list of some real and invented NFTs in the crypto space, including images of U.S. Supreme Court Justice Chuck E. Cheese and Family Guy character Peter Griffin dunking a basketball. The cast of characters mainly consists of Peter Davidson as the student portraying rapper Eminem dressed as Batman’s sidekick Robin, Chris Redd's Morpheus from The Matrix franchise, and a hapless "man with a mop" — played by musical guest Jack Harlow — who provides the most succinct explanation of the tokens.

"Non-fungible means that it's unique," he rapped. "There can only be one like you and me. NFTs are insane, built on a blockchain. A digital ledger of transactions, it records information on what's happening. Once it’s minted, you can sell it as art."

Highlighting the sudden surge in the number of unusual artwork, animation, and other images in digital marketplaces, the comedy rap sketch may cause some in the crypto space to recall Elon Musk's musical NFT offering this month. The billionaire and Tesla CEO posted a video clip playing a song which featured a pair of diamond hands underneath the moon with Shiba Inu dogs circling. Musk later said he didn't "feel quite right selling" it as an NFT.

In the final seconds of the Saturday Night Live sketch, the three characters as well as "Yellen" are cut out of the still frame and pasted into a background of the Abbey Road crossing from the Beatles’ album, revealing an NFT selling for 420 Ether (ETH) — roughly $718,000 at the time.

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