Dogecoin Down Nearly 40% From Record Value After Elon Musk ‘SNL’ Appearance

May 9, 2021

The value of dogecoin sank to 44 cents on Sunday morning despite multiple shoutouts from Tesla billionaire Elon Musk during his much-anticipated appearance on “Saturday Night Live,” a disappointment for the many investors who hoped the self-proclaimed “Dogefather” would help rally the coin’s value past $1.

At the time of writing, dogecoin was trading at around $0.44 cents per coin, a 38.6% decrease from the previous day.

The fourth-largest cryptocurrency by market value reached a record of $0.73 on Saturday before Musk appeared on the show, as betting odds revealed a 40% chance the price would soar to $1.

However, as the Tesla and SpaceX entrepreneur took to the stage for his “SNL” debut, the coin’s value quickly began to tumble, dropping by as much as 29.5% to $0.49.

Musk mentioned the cryptocurrency during his opening monologue and again during SNL’s satirical news show, “Weekend Update,” in which he labeled himself the “Dogefather” and echoed the coin’s catchphrase that it’s value will soar “to the moon.”

After a short back-and-forth with co-hosts Michael Che and Colin Jost, Musk at one point conceded that dogecoin was a “hustle.”

As investors engaged in a frenzied sell-off of the coin, Robinhood reported a roughly hour-long crypto trading outage on its platform.

Musk has been among the most high-profile supporters of dogecoin, often driving immediate value to the cryptocurrency through laudatory posts on his Twitter account. As his impending appearance on “SNL” continued to rally excitement around the coin, Musk issued a short warning on Friday emphasizing that while “cryptocurrency is promising,” people must “invest with caution.”

Musk—the third richest person in the world, according to Forbes estimates—announced for the first time during his “SNL” appearance that he has Asperger’s syndrome.

Source: Forbes
Image Source: Getty Images