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Dogecoin takes a hit after Elon Musk's SNL appearance

Dogecoin plummeted 40% after Elon Musk, the self-proclaimed 'Dogefather', hosted Saturday Night Live on 8 May

The Shiba Inu-represented cryptocurrency, Dogecoin, took a tumble after Elon Musk joked about it on Saturday Night Live (SNL). The Tesla mogul turned host took the stage on 8 May, with  a couple of self-deprecating jokes and skits nodding to his affinity towards Dogecoin.

During the “Weekend Update” skit, Michael Che and Colin Jost repeatedly asked him “what is dogecoin?" to which the host replied "it's a hustle", then said “To the moon,” a catchphrase popular among doge enthusiasts looking to drive the value of Dogecoin to $1.

Maye Musk appeared at the end of her son's SNL monologue to ask what he got her for Mother's Day. "I'm excited for my Mother's Day gift," Maye Musk said. "I just hope it's not dogecoin!". "It is," Elon Musk replied, "It sure is". 

Both Dogecoin and Tesla had been trading higher in anticipation of Musk's SNL appearance. Yet, investors sold off Dodgecoin swiftly after the host mentioned it on the show, trading as low as 44 cents early Sunday. 

Elon musk dogecoin

Musk has been an avid cheerleader for Dogecoin, his tweets on the subject driving sharp increases in price immediately after going live on the platform.

The reasoning behind the dogecoin selloff is cloudy, CNN Business contending that investors may have been expecting Musk to say something more supportive of the cryptocurrency during his appearance. 

The meme-inspired cryptocurrency was launched in 2013 as a joke, taking inspiration from the "doge" meme that took the internet by storm at the time. It had risen 130-fold this year, reaching a market capitalisation of around $80bn - on par with the largest bank in France BNP Paribas. 

Source: CNN Business

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