This is How Much Dogecoin is Down Since Elon Musk Appeared on SNL

Since Tesla CEO Elon Musk appeared on “Saturday Night Live” on May 8th, meme popular cryptocurrency Dogecoin has plunged significantly.

Since his appearance, the coin is down almost 80%.

Many had hoped his time on the show would spark another big rally as Musk had tweeted about Dogecoin for months prior.

The coin’s value had peaked right before the show aired on the expectation that Musk might plug th coin and send it “to the moon.”

Musk did speak about dogecoin during the show’s Weekend Update segment but not in a positive light. He was asked repeatedly by hosts Michael Che and Colin Jost what it was, which led to the punchline that dogecoin was “a hustle.”

Dogecoin’s value sank immediately after.

Dogecoin was created in 2013, primarily as a joke, and became worth real money on crypto exchanges when Musk began plugging it on social media with cryptic messages.

The cryptocurrency was created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the time.

As of mid-July Musk was still tweeting about doge, but not quite as much as he used to.