Elon Musk Loses $20 Billion Since SNL And Dogecoin Back To Life

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Last Updated on 14 May 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Bitcoin is still battling to hold on to the $50 level, as it finishes a lackluster week which also saw Ether break a new record. As we enter Friday though, Bitcoin is trying desperately to get back up, with some analysts claiming the $42k support line will need to be tested.

Meanwhile a Bloomberg article about a possible investigation into Binance on top of the Tesla no longer accepting Bitcoin has no positive influence on the crypto market this week.

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Musk loses $20 Billion

Tesla CEO Elon Musk might have been the first entrepreneur in a long time to host the popular comedy show SNL (Saturday Night Live). As expected, he talked about cryptocurrencies and was hailed for his comedy bits.

However, it has not made him any richer as Tesla stock declined by 14% in the days since his SNL stint. According to Forbes, Musk lost some $20 billion from his net worth since going on the show. Jeff Bezos and Bill Gates will probably think twice before doing the same then.

The drop came in the same week where Musk announced that Tesla would no longer be accepting Bitcoin as payment for his cars, due to the environmental cost of mining the coin.

Dogecoin surges back to 50 cents

On the other hand, Musk’s favorite cryptocoin, Dogecoin, roared back to life overnight. After having seen a major selloff since the SNL episode of this weekend, which resulted in a temporary low of 39 cents yesterday, Dogecoin has been surging back and is now trading at 50 cents again. It comes as Musk (he again), claimed he was working with the DOGE development team to improve transaction efficiency of the coin.

The DogeArmy is cheering it on on social media as always. Much wow.

Other coins that are currently making a comeback are Cardano and Polkadot.