Ever since Elon Musk started talking about Dogecoin (DOGE) from the beginning of 2021, he caused a great rally for the meme coin. Although Elon Musk never talked about DOGE directly and openly, yet his hints managed to reach out to all his Twitter followers as well as the crypto-community.

When we talk about Dogecoin’s (DOGE) bullish run since the start of 2021, we can see that Musk has played the biggest role in making that happen. Surprisingly, even a single hint or mention made by Musk resulted in crowds flocking to invest in Dogecoin (DOGE).

Therefore, from the start of the year until today, DOGE has gained 15,000% growth in price and has achieved almost the same in terms of market capitalization.

In these past 5 months, the connection between Musk and DOGE became so strong that many started considering Musk the DOGE prophet. Every comment made by Musk for DOGE was perceived as prophecy/revelation by the DOGE followers and Musk fans.

All of these events and build-ups finally led to Elon Musk’s performance at the Saturday Night Live (SNL) show on May 8, 2021. Finally, it was reported that Elon Musk was going to open up about Dogecoin (DOGE) and he would tell people about its uses and benefits, which he did.

The majority of the DOGE community had expected that Elon Musk’s appearance at the SNL and mentioning DOGE would cause yet another rally for the meme coin. However, this time, the cryptocurrency industry as well as mainstream institutions focusing on DOGE had something else in mind.

Ever since Musk’s appearance at the SNL, the DOGE has ended up turning bearish and has experienced a downfall. Since Saturday, May 8, 2021, the Dogecoin (DOGE) price has experienced a 57% drop bringing it down from $0.64 to $0.37.

However, being a preacher of the Dogecoin (DOGE) has also taken a huge toll on Elon Musk and his net worth. The reports suggest that ever since his SNL appearance, he has reportedly lost $20 billion. The major drawback came when Tesla made a shocking announcement of halting payments in Bitcoin (BTC).

According to the data, the Tesla stock price before Musk’s SNL appearance was $669. However, following his appearance at the SNL, the Tesla stock price has dropped down to $573, experiencing a 14% demise.

This has resulted in Elon Musk’s net worth taking a huge plunge of around $20 billion. The data shows that at present, Elon Musk’s net worth is around $145.5 billion, while it was around $166 billion prior to the SNL appearance.

However, the SNL performance was not the only driver behind Tesla’s stock price drop. Tesla stock prices have been experiencing a downfall for some time and the stakeholders are already aware of this fact.

In the past 30 days, the Tesla stock prices have experienced a 27% drop where the price was $784 per share on April 14 and now it is $573.

 

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