There was great anticipation for the participation of Elon Musk on Saturday Night Live. Especially those who own Dogecoin he anticipated a growth in its price as it happens every time the Tesla CEO tweets or makes statements about the meme coin. This time, however, exactly the opposite happened. Despite the repeated evocation of the creation by Billy Markus and Jackson Palmer, the listing of DOGE it fell very sharply. But what exactly happened?
The collapse of Dogecoin
Before the weekly episode of Saturday Night Live began, Dogecoin's price stood at $ 0,66, which is close to all-time highs. After the event, the price fell continuously, so much so that it reached around 0,49 dollars. A real landslide, probably resulting from the decision of many traders to proceed with collection.
All while the mobile trading app Robinhood collapsed once again, resulting in the second illustrious victim of a surprising evening to say the least. Destined to leave strong questions on the table, at least in the coming days.
The new problems of Robinhood
Robinhood is no stranger to such problems. Which had manifested themselves in a sensational way during the now famous pump and dump of the Redditors of WallStreetBets on the Gamestop title at the beginning of the year.
Once again, unprecedented loads in terms of demand were evoked from within the company, which would have collapsed the system by preventing users from buying or selling their tokens. A clarification, however, arrived after the episode of SNL and, above all, after company sources had assured that everything was under control.
Another slip in terms of image destined to stand out even more at a time when the app is under the crossfire of Warren Buffett and others. The Oracle of Omaha, in particular, had attacked her in the past few days during the annual meeting of Berkshire Hathaway, the investment fund he founded and chaired.
Dogecoin: what could happen now?
If Robinhood cries, Dogecoin doesn't laugh too. In fact, what is happening in these hours confirms the alarm raised by many parties. Relating toexcessive volatility of a project that currently boasts an appeal only and exclusively in terms of speculation.
That is precisely the aspect that the political world and traditional finance have been accusing for some time. Given the bloodbath of the last few hours, it is likely that many have begun to understand how to invest in such an unstable token requires a minimum of common sense and, above all, a bombproof nervousness.
Elon Musk's magic touch didn't work this time
From the story of Saturday Night Live, however, Elon Musk's reputation as an influencer is also slightly dented. The South African-born billionaire spared no effort during the show in favor of his favorite token. Efforts which, however, have not had any effect, unlike other times.
It remains of course to understand what really happened to lead to such an unexpected epilogue. But for the first time the driving function exercised by the founder of Tesla has failed. It remains to be seen whether it is the classic exception that confirms the rule or whether the time has begun for him to better evaluate his shares, to try not to encourage improper behavior on the part of investors.