During his appearance on the famous comedy show, the tech billionaire joked that he was giving his mother, Maye, Dogecoin for her Mother’s Day gift.
Robinhood took to Twitter to explain that he was dealing with cryptocurrency issues as Musk continued his hosting duties on the show.
“We are currently having problems with crypto trading. We are working to resolve this issue as quickly as possible, ”the financial trading app said.
Musk first mentioned Dogecoin 14 minutes after the show started, when he brought his mother to join him during his opening monologue.
“I am delighted for my Mother’s Day gift. I just hope it’s not Dogecoin, ”she told her billionaire son.
” It is. It sure is, ”Musk laughed, with a beaming smile on his face.
And later, during the Weekend Update section, hosts Michael Che and Colin Jost repeatedly asked him to explain exactly what cryptocurrency is.
“It’s the future of money, it’s an unstoppable financial vehicle that’s going to take over the world,” Musk said.
“Yeah, that’s a fuss,” Musk said with a laugh, shouting the Dodgecoin phrase of “to the moon.” “
The mentions of Dogecoin saw the cryptocurrency collapse quickly.
The price of Dogecoin was around $ 0.66 before Musk started hosting the show, but after the mention it fell 24% to $ 0.49.
The price of Dogecoin has climbed massively over the past month and stood at just $ 0.05 in April and Musk made himself up “The Dogefather” on Twitter.
According to Bloomberg, Dogecoin traders would have been willing to watch SNL to see if its appearance would be a market milestone.
After 30 minutes, Robinhood posted on Twitter that it was “back up and running” but that due to “high volume of transactions and volatility, some clients may see intermittent issues”.
And 14 minutes later, Robinhood announced that its cryptocurrency issues “have been resolved.”
“We are continuing to monitor the situation and will keep you updated if there are any further issues. We’re sorry if you’ve been affected, ”the company said on Twitter.