Dogecoin, which started as a joke but took on a different dimension after second richest man in the world, Elon Musk started tweeting about it, took a massive plunge after his SNL appearance on Saturday.
Here’s probably why:
“I’m really excited for my Mother’s Day gift,” deadpanned Maye Musk, mother of billionaire Elon Musk. “I just hope it’s not dogecoin.
“It is,” the Tesla and SpaceX CEO joked.
Musk, the billionaire trying to ferry people to Mars and build electric cars for Earth, hosted NBC’s Saturday Night Live program on, uh, Saturday night. As expected, the meme cryptocurrency dogecoin came up. During a Weekend Update segment (a parody of news shows), Musk explained cryptocurrency generally to the NBC Show’s audience, before hosts Michael Che and Colin Jost repeatedly asked him “what is dogecoin.”
So “it’s a hustle,” Che said after Musk noted that dogecoin began as a joke (Musk said it is, and then said it’s going to the moon).
Musk was introduced as a cryptocurrency expert named “Lloyd Ostertag.”
In the show’s final sketch, Musk joked about creating a new currency, based on “whatever I say,” before the show (briefly) explained the fiat monetary system.
Doge traded hands at $0.50 as of press time, falling 22% after the show began at 11:30 p.m. New York time. On a 24-hour basis, it was down nearly 30%.