Last week was the most hyped-up period for Dogecoin in its entire history, with various milestone events supporting its rally, such as the listing on Gemini and eToro.  Many enthusiasts believed that Dogecoin would go to the moon during the weekend courtesy of Tesla CEO Elon Musk.

Musk had been part of the Dogecoin hype through his upbeat tweets about the digital coin to recap. He was even given the title, ”Dogefather,” which means the godfather of Dogecoin. The hype peaked on Saturday, which was the day he was scheduled to talk about the cryptocurrency during the hit show Saturday Night Live. The show happened, but it was anticlimactic, contrary to expectations.

Things started going sideways for Dogecoin as soon as Elon’s mother, who was also on the show, said she hoped that her Mother’s Day gift was not Dogecoin. To sum it up, the Tesla CEO ended up saying Dogecoin is a hustle after being asked what it was multiple times. Many Dogecoin enthusiasts expected the Dogefather to speak more positive things about the cryptocurrency and perhaps even encourage more people to buy it. However, that would have amounted to financial advice, and Musk was careful to avoid that.

What does Dogecoin’s fall mean for the community?

The Shiba Inu-inspired cryptocurrency traded at around $0.7 at its peak before the show due to the culmination of the hype. Many hodlers expected it to surge past the elusive $1 level. However, many did not anticipate that its gains were already overextended, which means the price was already too sensitive to a potential crash if more positive news did not favor it.

The failure of Musk’s SNL appearance to build more hype meant there was no more excitement around the coin to continue encouraging more buying. Instead, many traders started panic selling to avoid losing their gains, especially those that got in late. Dogecoin tanked by roughly 40% after the SNL show, sending the price back down to around $0.40.

A crypto analyst called Loma seems to have correctly predicted that SNL would be underwhelming for Doge through a tweet before the event took place. He foresaw an underwhelming performance to push down the prices, which would send the price to around $0.45, and that is precisely what happened before price consolidation back to around $0.5. Dogecoin traded at $0.52 at the time of this press.