Five years ago, Elon Musk's self-described “The Dogefather” tweet became one of the most memorable moments in Dogecoin history. Within minutes of the post, DOGE jumped 20% and climbed to about $0.32, showing just how quickly market sentiment could shift when a high-profile public figure stepped into the conversation.
A tweet that amplified momentum
The rally did not stop there. Dogecoin continued moving higher in the days that followed, with the token nearly reaching $0.70 ahead of Musk's appearance as host of Saturday Night Live on May 8. At the time, the run-up was widely seen as a powerful example of how meme coins could gain traction through online attention, retail enthusiasm, and celebrity influence.
SNL comment reversed the move
That optimism changed sharply during the show. In the “Weekend Update” segment, Musk referred to Dogecoin as “a hustle.” The remark quickly rattled the market, and DOGE subsequently fell 30%. The episode became a vivid demonstration of how fragile sentiment-driven rallies can be, especially in assets that trade heavily on narrative and social buzz.
A defining lesson for meme coin markets
The sequence—from a tweet-fueled surge to a televised sell-off—remains a landmark case in crypto market behavior. It highlighted the extreme volatility of meme coins and the outsized role celebrity endorsements can play in shaping short-term price action. For investors, the event reinforced a familiar lesson: rapid gains driven by hype can unwind just as fast when expectations shift.
Even years later, the “Dogefather” moment continues to serve as a reference point for understanding DOGE and the broader meme coin sector. It showed that in crypto markets, social influence can be as powerful as fundamentals in the short term, especially when retail momentum and public attention are both running high.