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Musk admitted on Saturday Night Live on May 8 that Dogecoin was a "hoax." Dogecoin plunged nearly 34% to 49 cents at one point shortly after the show aired. That's in stark contrast to Musk's reaction to Dogecoin skyrocketed to $0.72 when he announced he was on the show, and he wiped out a third of Dogecoin's market value. So, on Sunday, Musk offered a "remedy," saying that Space X would launch a Dogecoin-funded satellite.

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