Dogecoin Rallies From Fall After Elon Musk SNL Appearance, Still Up Over 800% in a Month

The price of the cryptocurrency Dogecoin recovered Sunday afternoon within hours of plunging to $0.42 at around 7 a.m., a drop many crypto-focused analysts directly tied to Elon Musk's Saturday Night Live performance.

Dogecoin dropped about 40 percent in the hours immediately after Musk's SNL hosting gig. But the price of the meme-inspired Dogecoin, often backed by the the SpaceX and Tesla founder, managed to rebound rather dramatically. Between 9 a.m. and 4:20 p.m. Sunday, Dogecoin's tumultuous day saw its price rise back up to 56 cents, at time of publication. Television reviewers, trending social media stories and Musk's dedicated Twitter critics described his SNL monologue and overall performance as "awkward."

But Dogecoin's loyal supporters inundated social media platforms with expressions of "hope." Many gloated about buying the cryptocurrency during its early Sunday, post-SNL bottom of 42 cents. Although the 24-hour price has still not fully recovered as of 4 p.m. EST, the rebound about 33 percent ignited Dogecoin's vocal social media backers.

The price rising and falling comes as Musk's Texas-based SpaceX announced plans Sunday to launch the "DOGE-1 Mission to the Moon," which the company's vice president of commercial sales described as the first "application of cryptocurrency beyond Earth orbit." SpaceX sales executive Tom Ochinero told CNBC that they hope the move will "set the foundation for interplanetary commerce."

"The people shorting Doge right now must be masochists, Back up to 60 cents!" quipped Dogecoin YouTube personality Matt Wallace. "To the moooon!"

Social media discussion of the cryptocurrency hit a fever pitch on April 15, when Musk tweeted out a drawing with the caption, "Doge Barking at the Moon." Just two weeks before, the Mars-minded entrepreneur stirred up the Dogecoin faithful by proclaiming on Twitter, "SpaceX is going to put a literal Dogecoin in the literal moon."

Some Musk critics, who had for weeks blasted NBC for having him host the live comedy sketch program at all, tied his performance directly to the Dogecoin price drop early Sunday. The Daily Beast's senior entertainment editor, Marlow Stern, blared a review headline calling it "deceptive and deeply awkward," noting Musk's discussion on the show of having Asperger's, a communication disorder on the autism spectrum. Other critics said Musk was only using the show to promote his financial interests, including Dogecoin.

"I don't dislike Elon Musk because he's an eccentric billionaire. I dislike him because he uses his wealth and power to manipulate assets such as Dogecoin, Gamestop, etc which can end up hurting a lot of unsuspecting retail investors," tweeted Bitcoin developer Josh Jordan.

Newsweek reached out to SpaceX as well as several self-proclaimed Dogecoin experts for additional remarks.

elon musk snl
Dogecoin rallied from a steep fall that occurred after Tesla CEO Elon Musk appeared on Saturday Night Live. Above, Miley Cyrus, Musk and Cecily Strong on the SNL set. NBC