Following weeks of speculation and extreme volatility, lots of traders were expecting Dogecoin to rise to brand-new highs from Elon Musk’s Saturday Night Live appearance. In anticipation of the Tesla CEO’s debut on SNL, Dogecoin’s rate rose almost 100% in the previous week alone.
On Friday, Dogecoin hit its all high of $0.71 cents — — up a huge 14,000% year-to-date.
To the disappointment of many, however, Musk’s cameo ended with the cryptocurrency tumbling nearly 30% in less than an hour. Its rates plunged from $0.69 to a brand-new low of $0.49, prior to paring losses by recuperating to as high as $0.55. At press time, Dogecoin is trading at $0.53.