There was a lot of controversy and backlash leading up to Elon Musk's big Saturday Night Live debut as host of the long running NBC late night sketch series. But heading into the show, many believed stock in Dogecoin would skyrocket with the entrepreneur's appearance. The opposite happened, after Musk called the Cryptocurrency a 'hustle' during a bit on Weekend Update.
Dogecoin dropped a whopping 30% in price once Sunday rolled around in the aftermath of Elon Musk's SNL appearance. Musk is the chief supporter of the cryptocurrency, and even joked during his opening monologue that he was gifting dogecoin to his mom for mother's day. Grilled by Weekend Update news anchor Michael Che about just what exactly dogecoin is, Elon Musk eventually gave up trying to explain it and declared that it was, as many have suspected, a 'hustle'.
According to reports, "Dogecoin was quoted as low as $0.416 on crypto exchange Binance, down 36% from levels around $0.65 before the show."
Those invested in Cryptocurrency were eager to see what Musk would say about dogecoin during the SNL broadcast, which set the stage for the Weekend Update bit. Dogecoin was one of the more obscure digital currencies floating around in cyberspace, until Musk tweeted about it, turning it into one of the bigger Cryptocurrencies on the market. Asked on SNL by Michael Che what, exactly, dogecoin is, Musk had this reply.
"It's the future of currency. It's an unstoppable financial vehicle that's going to take over the world."
Che was quick to quip, "So, it's a hustle?". Giving into pressure, Musk jokingly replied, "Yeah, it's a hustle." This was followed by nervous laughter. And soon after. dogecoin's price went down the barrel.
Elon Musk also caught heat for his opening monologue. Many didn't like his jokes about OJ Simpson, where he sited that the alleged murderer 'killed it' during Simpson's two SNL hosting stints, when in fact, OJ only ever hosted the show one time. Musk also declared that he was making history as the show's first-ever host with Asperger syndrome. This was also false, as original Not Ready for Prime Time player Dan Aykroyd also has Asperger's, and has returned to host the show before. The news of Doge coin dropping in value comes from Reuters.