As self-proclaimed “Dogefather” Elon Musk made his “Saturday Night Live” debut, the price of dogecoin fell off a cliff.
The memes-inspired cryptocurrency fell 29.5% to 49 cents at one point. Musk mentioned dogecoin in his opening monologue and on “Weekend Update,” SNL’s satirical news show.
In a question-and-answer session with hosts Michael Che and Colin Jost, Musk called himself the ‘Dogefather’, said dogecoin was a ‘stampede’ and yelled ‘To the moon’, a popular slogan. among doge enthusiasts keen to showcase the value of cryptocurrency. to a dollar.
The price of dogecoin started to rebound during the “Weekend Update” sketch. As of this writing, it was worth 45 cents, down about 17% from the show started.
During the frantic sale, several Robinhoods users complained that Robinhood’s crypto trading was not working.
This is not the first time that Robinhood has missed a significant volume of dogecoin transactions. Last month, the trading platform said clients suffered “sporadic crypto order failures” during a dogecoin rally.
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Wall Street did not expect the plunge.
“Also known as Dogefather, Musk will undoubtedly have a sketch of cryptocurrencies that will likely go viral for days to come and further motivate his army of followers to try and send dogecoins to the moon,” Edward wrote. Moya, senior market analyst in Oanda, in a May 4 memo.
Dogecoin fans were in droves on Twitter during the show, and the live streams on YouTube were devoted to watching “SNL” and tracking Dogecoin’s movements at the same time.
Tesla’s electric rivals have decided to make the most of Musk’s fans by buying airtime. Lucid, Ford and Volkswagen all ran ads. Tesla in particular does not advertise on television.
Musk made mention of a rival tonight. “I could say something really shocking like I’m driving a Prius.”
Disclosure: “Saturday Night Live” is a television program from NBCUniversal, the parent company of NBC News.