fbpx
QQQ
+ 3.21
341.15
+ 0.93%
DIA
+ 0.69
338.09
+ 0.2%
SPY
+ 2.27
418.59
+ 0.54%
TLT
+ 0.35
142.94
+ 0.24%
GLD
-0.70
167.65
-0.42%

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

May 9, 2021 7:10 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
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

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.


Related Articles

Tostitos Goes After Dogecoin And Crypto Crowd With New 'Don't Buy The Dip' Promotion

Several companies have launched marketing campaigns aimed at the cryptocurrency crowd. A new campaign timed with the dip in Dogecoin could help boost brand awareness for a company. read more

Dogecoin Selloff Continues Despite Elon Musk's Attempt To Rescue The Coin

What Happened: Crypto markets entered a downward spiral after China’s central bank warned financial institutions against dealing with cryptocurrency-related services. read more

Dogecoin As An Asset 'Accurately Reflects' Current Economic Climate, Says FTX CEO

The CEO of derivatives exchange FTX Sam Bankman-Fried called Dogecoin (CRYPTO: DOGE), the “asset of the year for 2020 and 2021,” during an appearance on The Jax Jones and Martin Warner Show podcast.  What Happened: “[Dogecoin] is the asset the accurately reflects our current economic climate,” said the billionaire. read more

Why Is Dogecoin In Such A Slumber Right Now?

Dogecoin (CRYPTO: DOGE) tanked 26.29% over 24 hours leading to press time at $0.20. The Shiba Inu-themed coin has shrunk 39.5% over the last seven days. What Happened: The joke cryptocurrency’s market capitalization declined 25.68% to $25.73 billion. Trading volumes rose 235.85% to $7.37 billion over 24 hours. read more