Dogecoin plummets after Musk’s cameo on SNL

Published

5 years ago

May 9, 2021

Dogecoin prices fall after Elon Musk plugs the meme crypto during SNL appearance

Dogecoin stocks fell after Billionaire Tesla CEO Elon Musk appeared on SNL.

The plummet came soon after Musk mentioned the meme crypto, with stocks dropping by nearly 30% to $0.5 from around $0.7.

The price then rebounded from its low to around $0.57 after SNL finished.

Dogefather Musk

During his appearance, the Space-X CEO said the cryptocurrency would “take over the world,” calling himself the “Dogefather.”

This comes after prices soared amid anticipation of Musk’s much-anticipated cameo during the past week.

Lloyd Ostertag stopped by the desk to talk cryptocurrency. pic.twitter.com/cuILxOBJlj
— Saturday Night Live – SNL (@nbcsnl) May 9, 2021

What is Dogecoin?

Dogecoin is Musk’s self-proclaimed favourite cryptocurrency. It was first launched in 2013 as a joke but has recently seen a surge in popularity following the tech mogul’s endorsement.

IBM’s Billy Markus and Adobe’s Jackson Palmer launched the crypto as a satirical critique of the cryptocurrency frenzy in 2013.

Its value has soared over 14,000% this year alone, up from $0.00468 on December 31. This makes it the fourth-largest crypto, after other huge players like Bitcoin and Ethereum.

Musk said:

“Lately, prices have been soaring for cryptos like Bitcoin, Ethereum and especially Dogecoin. Dogecoin actually started as a joke based on an internet meme, but now it’s taken over in a very real way.”

Robinhood crashes during Musk’s appearance

The stock trading app Robinhood said they were experiencing issues with crypto-trading during Musk’s appearance.

Update: We’re currently experiencing issues with crypto trading. We're working to resolve this as soon as possible. For the latest updates, check https://t.co/ZS733G6N1J
— Robinhood Help (@AskRobinhood) May 9, 2021

Robinhood told Insider that the platform’s crypto-trading was “back up and running” about 30 minutes after it first reported difficulties.

Insider says they declined to comment on whether the issues were related to Musk’s appearance.

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Natasha Schapova

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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