Dogecoin Sinks After Elon Musk Makes Unforgettable Appearance on SNL

Buzzworthy cryptocurrency Dogecoin has rallied immensely since the year started. So much that a $1,000 investment on January 1st would have led to roughly $140,000 when Dogecoin hit its high this past week.

Tesla CEO, Elon Musk, who has dubbed himself the “Dogefather,” has made many remarks about the digital asset on social media, which may have helped to spark its rally.

The electric vehicle maker chief executive performed on Saturday Night Live on Saturday and as many anticipated his appearance on the show, Dogecoin continued to skyrocket.

Unfortunately it sank while Musk was on air and subsequently after, going down over 30% in just the last two days.

Musk had mentioned Dogecoin in his opening monologue and on “Weekend Update,” SNL’s satirical news show.

In a Q&A with hosts Michael Che and Colin Jost, Musk called himself the “Dogefather,” and admitted that dogecoin was a “hustle,” and howled, “To the moon.” This is a catchphrase popular among doge enthusiasts.

Popular trading app Robinhood had even experienced an outage as people sold off the coin during the weekend.
The fall of Dogecoin was not expected, not even by many analysts.

“Also known as the Dogefather, Musk will undoubtedly have a sketch on cryptocurrencies that will probably go viral for days and further motivate his army of followers to try to send dogecoin to the moon,” wrote Edward Moya, senior market analyst at Oanda, in a note on May 4.

At least one good thing came of Musk’s SNL performance. Dressed in all black, he admitted that he was the first SNL host with Asperger’s syndrome, “or at least the first to admit it.”