It is a known fact that interest in Dogecoin (DOGE) has increased in recent days. But as an interesting development, it has caught the attention of Bitcoin (BTC) for the first time. According to data provided by Google Trends, the values assigned to each cryptocurrency for May 2-8 are 56/100 for DOGE and 48/100 for BTC. So Doge was more popular than Bitcoin, at least in Google searches, during this time.
As the graph below shows, although the search interest for the two cryptocurrencies varied from time to time, it was generally more to Bitcoin. However, this week shows a higher interest in DOGE.
This interest in Dogecoin can be attributed to the SNL program hosted by Elon Musk. But the program not only boosted Dogecoin interest, it also helped the price drop afterward.
Tesla’s billionaire founder jokingly called DOGE a “hustle” during a skit on the show.
Reuters reported that the asset lost one-third of its Sunday price after Tesla’s billionaire founder dubbed DOGE a “fraud” when it appeared as the host of Saturday Night Live (SNL).
Musk’s involvement in SNL was strongly anticipated by the Dogecoin community as a possible opportunity to draw more attention to DOGE and thus increase its price.
Indeed, the price of DOGE rose to an all-time high of $ 0.73 on Saturday, May 8th. However, following the program, the coin dropped to $ 0.43 on Sunday, May 9. At the time of writing, the price was able to recover to the level of $ 0.52.
“What is Dogecoin?” When asked, he initially said, “This is the future of the currency. An unstoppable financial instrument that will take over the world, ”he replied. However, SNL’s Michael Che said, “So, is it fraud?” When asked again, Musk replied with a laugh, “Yes, fraud.”
Musk began tweeting and talking about Dogecoin regularly towards the end of 2020. Some of the tweets contained only the word “Doge”, some praised DOGE as “the cryptocurrency of the people”, most contained encrypted messages.
But beyond DOGE, Musk expressed his lack of faith in cash, pointing out that cash has negative real interest rates and said in February: “Just a fool doesn’t consider alternative options to fiat money.”
However, Musk seemed to have received a warning for the first time, perhaps because of his comments because recently: “The cryptocurrency is promising, but please invest carefully!” published a tweet warning investors.
Still, Musk did not neglect to add that cryptocurrencies are a “chance to become the future currency of the world”.
Regarding Musk, who also attracted criticism from analysts with his comments, James Angel, an associate professor at the McDonough School of Business at Georgetown University, told Reuters:
“I think Musk is having a lot of fun… he can tell you everything he can think of about Dogecoin or cryptos. However, anyone who wants to play Elon Musk’s game should be prepared to lose all their money. “