Dogecoin Price Plummets Amid Elon Musk's Saturday Night Live Episode

After starting the day over at over .70¢ per coin, Dogecoin has been in a free fall since Elon [...]

After starting the day over at over .70¢ per coin, Dogecoin has been in a free fall since Elon Musk began his hosting duties for Saturday Night Live. When the episode started, the price of Dogecoin sat at just under .67¢ and has since plummeted to .49¢ at press time, losing up to 35% of its value in less than an hour. While this is still higher than the crypto currency's value from just a couple months ago, it is an interesting development since Dogecoin's most popular proponent began his high-profile hosting gig on SNL.

Musk is now appearing on Saturday Night Live, and crypto experts thought the digital token could see a bump from the appearance. With the serial entrepreneur having been a supporter of crypto for the better part of a year, fans of the currency are hoping to see it rise to new heights Saturday night.

What is Dogecoin?

Just like Bitcoin or Ethereum, Dogecoin is a cryptocurrency that peers can technically use in place of cash to exchange goods with one another. It was coded in 2013 by tech engineers Billy Markus and Jackson Palmer, quickly finding a fervent online community because of its homage to the meme the currency pulls its name from.

It's now arguably one of the hottest things in crypto, due to its fire hot ascension amongst amateur traders.

How much is Dogecoin worth?

[UPDATE] As of press time, Dogecoin is trading right around .49¢ per coin. While that doesn't seem like much, it's well over a 20,000-percent increase from this point last year. This January, right around when GameStonks saga was just getting started, Redditors started to place more of an emphasis on Dogecoin. Prior to that push from Reddit, Doge was trading for fractions of a penny, and the mainstream allowed the price to balloon to seven cents per coin.

Though cryptocurrency is typically volatile already, the past month has been particularly unstable for those dabbling in the trade. After a peak of 41 cents on April 15th, the crypto quickly dipped back down to 25 cents within a week. Since then, however, it's been on a steady rise, cresting at 74 cents on the night of May 7th.

Since the trading of cryptocurrency doesn't adhere to the working hours of the stock market, you can check out the live price for Dogecoin and other cryptocurrencies live here.

Cover photo by Beata Zawrzel/NurPhoto via Getty Images