Following Elon Musk’s Saturday Night Live Appearance on Saturday, Dogecoin’s price plummeted. Despite gains for Bitcoin and Ethereum, DOGE saw heavy losses over 30%.
Anticipation of Musk’s “SNL” appearance excited investors in cryptocurrencies, including Dogecoin which saw a record surge in the preceding few days. However, Elon Musk’s appearance on the NBCUniversal comedy show failed to maintain the hype around DOGE, despite nicknaming himself ‘ The Dofefather’ and plugging Dogecoin in the show.
During his appearance, the TESLA CEO first mentioned Dogecoin 14 minutes into the show having joked that he was giving his mother Dogecoin for her Mother’s Day gift.
“I am excited for my Mother’s Day gift. I just hope that it’s not Dogecoin,” she told her billionaire son.
“It is. It sure is,” laughed Musk, with a beaming smile on his face.
And later during the Weekend Update section, he was repeatedly asked by hosts Michael Che and Colin Jost to explain exactly what the cryptocurrency was.
“It is the future of currency, it as an unstoppable financial vehicle that is going to take over the world,” said Musk.
However, despite the much-hyped publicity, the mentions of Dogecoin saw the cryptocurrency quickly crash from $0.70 before the show to around $0.50. Just last month, Dogecoin stood at just $0.05.
Whilst Musk was hosting, Robinhood users found they were unable to access the trading app as the price started to fall. As the price crashed further, more people were left unable to access their accounts. Robinhood took to Twitter to say
“We’re currently experiencing issues with crypto trading. We’re working to resolve this as soon as possible.”
After half an hour, Robinhood Tweeted that they were “back up and running” but that because of the “high trading volume and volatility, some customers might see some intermittent issues.”
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