Why did Dogecoin drop?

Undoubtedly, influencers have a significant impact on the price of the coin. So, in May 2021, the cost of Dogecoin fell seriously after it was mentioned by the head of SpaceX and Tesla, Elon Musk, during the Saturday Night Live show on American television. In an interview with show hosts, Elon Musk called himself “Dogefather” and jokingly stated that was a “scam”. In anticipation of Musk’s appearance on the TV show, the price of the token rose to a record high of almost $0.73, but during the broadcast it fell by 29.5% from $0.73 to $0.49 per unit.