On May 8, 2021, Elon Musk hosted Saturday Night Live. Dogecoin holders had been hyping the episode for weeks, expecting Elon to announce something monumental — a Tesla acceptance, a new partnership, a moonshot. Instead, in a Weekend Update sketch, Musk played a financial expert and was repeatedly asked, “What is Dogecoin?” His final answer: “It’s a hustle.”
The price collapsed in real time. Within hours of his appearance, Dogecoin had dropped 30%. By the end of the week, it was down 50% from its high. Holders who had bought at $0.70 watched their portfolios cut in half overnight. The lesson was painful but clear: when your asset’s value is tied to a single celebrity’s mood, you live and die by his words. Dogecoin would never reach those highs again.
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