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Dogecoin Plummets Over 30% After Elon Musk's SNL Appearance

May 9, 2021 7:10 am
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Dogecoin Plummets Over 30% After Elon Musk's SNL Appearance

The price of the meme-based cryptocurrency Dogecoin collapsed after Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s appearance on "Saturday Night Live" yesterday.

What Happened: Elon Musk was a guest host on NBC's Emmy Award-winning late-night comedy show, joined by his mother Maye Musk and his partner and musician, Grimes.

Despite all the speculation around whether Musk is going to joke about Dogecoin, he only mentioned it briefly during his monologue. 

Appearing on the stage with his mother, Maye Musk, he admitted that Dogecoin would be his present for this Mother’s Day. His mother did not seem thrilled about it.

Why It Matters: The potential price movement of the meme-based cryptocurrency after Musk’s appearance on the show has been a subject of debate for weeks.

Some suggested that the price will go up because that the mainstream show like SNL would potentially bring a lot more people into the crypto space.

See also: Amid Dogecoin Hype, Elon Musk Warns On Investing With 'Caution' In Cryptocurrencies

Several analysts indicated that trades might stock up on the coin before the show only to sell it right after, profiting from the skyrocketing price.

It was also a topic of discussion on the latest Benzinga Crypto Show episode.

What Else: Musk also shared that he had Asperger's syndrome for the first time in public.

“I’m the first SNL host to have Asperger's syndrome. Or at least, the first one to admit it,” he said.

Price Action: Dogecoin was trading at $0.48 at press time, having lost over 30% in price several hours after the SNL episode. It is a significant fall from its all-time high of $0.73 the coin saw on May 8, according to CoinMarketCap data.

Image: Screenshot of SNL video stream

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