For those who don’t know, around the mid-point of the show, SNL has the “Weekend Update” which is a satirical news show, and on it, the hosts Michael Che and Colin Jost hold a small cryptocurrency Q&A with Lloyd Ostertag played by Elon Musk. After a bit of going back and forth with hosts, Musk says Dogecoin is a “hustle”.
The sketch wasn’t the only instance Musk mentioned Dogecoin as he also talked about it in the opening monologue and in the final sketch.
Dogecoin investors woke up to horrible news Sunday morning as the cryptocurrency dropped 36% after Elon Musk’s appearance on Saturday Night Live. The reason for this sudden drop could most likely be attributed to a sketch where Musk called Dogecoin a “hustle”.
Before the show, Dogecoin hit a high of $0.70, but it fell all the way down to $0.45; although it has since recovered somewhat and is currently trading at around $0.56 at the time of this writing.
Whatever the catalyst was, people quickly took to selling off their Dogecoins and it got to the point that retail trading platform Robinhood tweeted there are “intermittent issues” in trading cryptocurrencies due to the high volume and volatility. Robinhood would later confirm that the issues are over and will contact users who affected by this volatility.
Crypto trading is back up and running. Due to high trading volume and volatility, some customers might see some intermittent issues. We’re working hard to provide a smooth experience, and will monitor the situation closely. Check https://t.co/ZS733G6N1J.
— Robinhood Help (@AskRobinhood) May 9, 2021
In a conversation with Reuters, James Angel, associate professor at Georgetown University’s McDonough School of Business, said “Anyone who wants to play the Elon Musk game should be prepared to lose all their money.”
Literally To the Moon
Saturday Night Live wasn’t the only Dogecoin news this weekend as SpaceX announced it will put a literal Dogecoin in space in a mission titled “DOGE-1 Mission to the Moon” in the first quarter of 2022. SpaceX will now accept Dogecoin as currency and the money raised will be used to fund the mission of launching the DOGE-1, a 40-kilogram cube satellite that “will obtain lunar-spatial intelligence from sensors and cameras on-board…”
SpaceX launching satellite Doge-1 to the moon next year
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space
To the mooooonnn!!https://t.co/xXfjGZVeUW
— Elon Musk (@elonmusk) May 9, 2021
SpaceX vice president of commercial sales Tom Ochinero was very positive about this mission saying in a statement “[this mission] will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”
In this past year-to-rally, Dogecoin has gone up 14,000% and become the fourth largest cryptocurrency in terms of market value which is more than $85 billion. In the days leading up to his SNL appearance, Elon Musk tweeted out an old TMZ video about his opinion on Dogecoin, but also telling people to “invest with caution!”
Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq
— Elon Musk (@elonmusk) May 7, 2021
As mentioned earlier, Dogecoin has made a recovery but it’s still volatile as it goes up and down frequently. It’s unknown when Dogecoin will go back up to heights it had before SNL, but it can’t be denied that it’s the little crypto that could.
The reaction on social media has been mixed with some people angry at the drop with others seem fine saying that it’s the typical downswing.