Dogecoin (DOGE), the king of meme coins, was launched in 2013 as a joke, combining two trending narratives at the time — Bitcoin (BTC) and the funny “Doge” meme. Elon Musk — the owner of SpaceX, Tesla and the X platform — has promoted DOGE, primarily through his presence on Twitter. 

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On May 8, 2021, Musk made an iconic appearance on “Saturday Night Live” (SNL) following his series of Dogecoin tweets. Leading up to Musk’s SNL appearance, DOGE had an impressive 30-day rally (a 1,000% increase from $0.056 on April 7 to $0.731 on May 7). DOGE reached its all-time high price of $0.737 on May 8, driven by speculation of Musk’s ability to send DOGE “to the moon.” 

Despite high expectations for the SNL segment, many viewers were left underwhelmed. Musk struggled to answer questions regarding Dogecoin’s path and viability as a digital asset. Ultimately, Musk admitted to DOGE being “a hustle,” destroying the positive sentiment held by the DOGE community. 

Musk’s SNL appearance quickly became a “sell the news” event per DOGE’s chart. Within a few days following Musk’s SNL appearance, DOGE’s price decreased more than 40%, plummeting to $0.418. DOGE exhibited a steady downtrend over the next couple of months, falling to $0.162 by July 20, 2021, a drop of 77.5% from Musk’s appearance.

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Throughout the rest of 2022 until early 2024, DOGE remained dormant with minimal price action. The lowest DOGE reached during the bear market was just below five cents on June 18, 2022, over a 93% decrease from DOGE’s peak. If you invested $1,000 on the day of Musk’s SNL debut and sold at this low, you would have a mere $70 worth of DOGE.

Since March 2024, DOGE has ranged between 12 and 22 cents, with an average price of $0.15, down over 79% since DOGE’s peak. If you bought $1,000 worth of DOGE when Musk appeared on SNL and sold your DOGE at today’s price, you would have only $210 — less than a quarter of your investment.

Although DOGE is down significantly from its all-time highs, 2024 has been promising for DOGE, reaching prices not seen since 2021. Additionally, there are ongoing initiatives portrayed by Musk that could cause another DOGE rally. 

First is the DOGE-1 moon mission — the launch of a satellite “DOGE-1” funded entirely by Dogecoin. Second is speculation of Dogecoin integration with X, as Musk has mentioned ambitious plans to transform X into a comprehensive financial platform. Currently, Musk is in the process of securing U.S. payment licenses, potentially allowing DOGE payments via X. If history repeats itself, these events could generate another massive rally. 

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