Technology Dogecoin Tanks Amid Elon Musk 'SNL' Appearance, Prompting Wave of Ridicule
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Dogecoin fans often say they hope its price will rise "to the moon"—could SpaceX really make that happen?In a tweet posted around 6:25am ET April 1, Musk wrote: "SpaceX is going to put a literal Dogecoin on the literal moon.
The price of dogecoin tanked duringand CEO 's Saturday Night Live appearance, prompting a wave of online ridicule and jokes about his performance.
At around 11:30 p.m. ET on Saturday night, the price of dogecoin sat at 0.6765 USD, according to a live tracker maintained by Yahoo Finance.
At around 12:30 a.m. ET, roughly half an hour before the show ended, the price of dogecoin fell to 0.5115 USD—a 24 percent drop in value.
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Since the beginning of the year, the price of the fun currency Dogecoin is upwards. Now the coin made it for the first time on the mark of $ 0.10 - and even moved into the top ten of all crypto currencies. © Provided by finanzen.net Indranil Mukherjee / AFP / Getty Images • Dogecoin Course continues to lay clearly to • Top ten status reaches • Famous personalities give backwind record brace reached: Dogecoin jumps over 0.10 Dollar The record hunt of the Dogecoin continues.
When SNL concluded just after 1 a.m. ET, dogecoin climbed back up to 0.5445 USD—a 19.5 percent drop since the show started.
Cryptocurrency enthusiasts quickly took toto suggest that Musk's SNL appearance could have caused the drop in dogecoin trading value.
At the same time, viewers also took to the social media platform to discuss the increased enthusiasm for the cryptocurrency as Musk appeared on SNL's Weekend Update segment to tout it.
"It's a digital currency," Musk told SNL Weekend Update anchors Michael Che and Colin Jost. "It's the future of currency, it's an unstoppable financial vehicle that's going to take over the world ... It's a cryptocurrency you can trade for conventional money."
Dogecoin Price Hits $0.420 a Minute After Midnight on Doge Day 4/20
Dogecoin investors were hoping to see the cryptocurrency's price reach either $0.420, $0.69, or even $1 on Doge Day.The meme-inspired cryptocurrency also shot to $0.420 at 11.55 p.m. BST on April 19 but fell below the $0.420 goal as Doge Day began in the U.K.
"So it's a hustle?" asked Che. "Yeah, it's a hustle," Musk responded.
The hashtag #dogetothemoon began trending late on Saturday night.
"Sidenote did Elon tank or something? Why is Doge crashing?" Barstool Sports' Dave Portnoy tweeted at 12:04 a.m. ET, roughly half an hour after the start of SNL.
Sidenote did Elon tank or something? Why is Doge crashing?— Dave Portnoy (@stoolpresidente) May 9, 2021
@Davetrave tweeted, "SNL was so unfunny it made DOGECOIN crash."
SNL was so unfunny it made DOGECOIN crash— Peanut Arbuckle (@Davetrave) May 9, 2021
"That crash flushed all the non believers out and now only the true #dogearmy will grow as #doge climbs back up! #dogecoin," user @MattM3RCY tweeted.
That crash flushed all the non believers out and now only the true #dogearmy will grow as #doge climbs back up! #dogecoin— Matt (@MattM3RCY) May 9, 2021
Twitch streamer @camcsgo tweeted, "Elon: giving dogecoin to my mom for mother's day. Doge crash. Elon 10 mins later: doge is a hustle. Comes back. Lol."
Elon Musk makes itself the "Dogefather" - Dogecoin jumped again clearly to
Tesla boss Elon Musk again: With a Tweet, he brought the cryptocommunity to cheer and made a strong freight in the digital fun currency Dogecoin. © Provided by finanzen.net Hannelore Foerster / Getty Images • Elon Musk Tweetet again via Dogecoin • Dogecoin Prize is clearly at • Musk remains "Dogefather" of the digital coins billionaire Elon must be an explained fan of fun currency Dogecoin . He made a variety of times in recent weeks that the digital coin recorded strong price jumps. So again.
Elon: giving dogecoin to my mom for mother's day
Elon 10 mins later: doge is a hustle
Lol— Cam (@camcsgo) May 9, 2021
"Me watching people panic seeing Doge dip #dogetothemoon #dogecoin," tweeted @abhayprabhakar.
Me watching people panic seeing Doge dip #dogetothemoon #dogecoin pic.twitter.com/ORpFfhGcBv— Abhay Prabhakar (@abhayprabhakar) May 9, 2021
After SNL named Musk as a host last month, the businessman tweeted a photo of the announcement and called himself the "Dogefather."
As people began speculating that Musk's SNL appearance would boost the price of dogecoin on Friday, the Tesla CEO issued a warning to his followers on Twitter. "Cryptocurrency is promising, but please invest with caution!" he wrote.
Musk also shared a TMZ video of himself warning others not to go "too far on the crypto speculation front" in a street interview with a reporter.
"First of all, I think people should not invest their life savings in cryptocurrency to be clear," he said. "I think that's unwise ... there's a good chance that crypto is the future currency of earth. And then it's like, 'Well which one is it going to be.' Maybe it will be multiple. But it should be considered speculation at this point and don't go too far on the crypto speculation front."
'SNL' alum Conan O'Brien called Elon Musk a 'dream guest' for the show
Conan O'Brien was a writer for "SNL" from 1988 to 1991 and said that non-comedians were funnier in sketches because they were "fish out of water."Some current cast members including Aidy Bryant, Bowen Yang, and Andrew Dismukes didn't seem thrilled that Musk had signed to host the May 8 show, and have since deleted posts that appeared to be thinly-veiled digs at the Tesla CEO.
Musk added: "Dogecoin was invented as a joke, as essentially to make fun of cryptocurrency. Fate loves irony. The most entertaining outcome is probably the most ironic outcome: that the currency that was invented as a joke in fact becomes the real currency."
In the hours leading up to Musk's SNL performance, the cryptocurrency dropped 3.8 percent compared to the day before, according to the Independent. The decrease was a small dip compared to its significant gain of 68 percent over the past week.
On Wednesday morning, dogecoin rose briefly to 69 cents, an all-time high for the currency, a gain of over 12,000 percent, according to CNBC.
The price of dogecoin has skyrocketed by about 14,000 percent over the past year, 100 times more than the growth of bitcoin.
Experts have warned investors not to invest any money they aren't prepared to lose in the unstable dogecoin. "My guess is that [the rally] won't last, especially for something like dogecoin which was never meant to be a payment system or a store of value," BFD chief operating officer Adam Zadikoff told CNBC.
Newsweek reached out to Elon Musk via Tesla for comment. This story will be updated with any response.
Crypto investors to Elon Musk: Please stop tweeting! .
The prices of bitcoin, dogecoin and other digital currencies have plunged more than 40% in recent weeks. While Elon Musk isn't the only reason for the crypto carnage, he certainly isn't helping.The prices of bitcoin, dogecoin and other digital currencies have plunged more than 40% in recent weeks. While Elon Musk isn't the only reason for the crypto carnage, he certainly isn't helping.