Dogecoin price plummets as Elon Musk hosts Saturday Night Live

Pictured: (l-r) Musical visitor Miley Cyrus, host Elon Musk, and Cecily Strong throughout Promos in Studio 8H on Thursday, May 6, 2021.

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As Elon Musk – the self-proclaimed “Dogefather” – made his “Saturday Night Live” debut, the price of dogecoin fell off a cliff.

The meme-inspired cryptocurrency fell as a lot as 29.5%, dropping to 49 cents at one level. Musk talked about dogecoin in his opening monologue and on “Weekend Update,” SNL’s satirical information present. In a Q&A with hosts Michael Che and Colin Jost, Musk known as himself the “Dogefather,” stated dogecoin was a “hustle,” and howled, “To the moon,” a catchphrase common amongst doge fans intent on driving the worth of the cryptocurrency to 1 greenback.

The price of dogecoin started to rebound through the “Weekend Update” skit. As of this writing, it’s value 57 cents, down about 17% from the start of the present.

During the frenzied sell-off, a number of Robinhood users complained that Robinhood’s crypto buying and selling wasn’t working.

The firm confirmed the outage on Twitter. Service was restored in less than an hour.

This is not the primary time that Robinhood has missed out on main buying and selling quantity in dogecoin. Last month, the buying and selling platform stated prospects skilled “sporadic crypto order failures” throughout a dogecoin rally.

Wall Street wasn’t anticipating the dip.

“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 be aware on May 4.

Dogecoin followers have been out in mass on Twitter through the present, and live streams on YouTube have been dedicated to watching SNL and tracing dogecoin’s actions on the similar time.

Tesla‘s electrical rivals determined to benefit from having Musk followers tune in by shopping for air time. Lucid, Ford and Volkswagen all ran advertisements. Tesla notably would not promote on tv.

Musk did make point out of 1 rival tonight. “I could say something truly shocking, like I drive a Prius.”

Disclosure: “Saturday Night Live” is a TV present of NBCUniversal, the mother or father firm of CNBC. CNBC owns the unique off-network cable rights to “Shark Tank,” which options Mark Cuban as a panelist.