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Elon Musk SNL performance saw Dogecoin dip by 23%

The meme-driven cryptocurrency, Dogecoin saw a massive surge this month following endorsement by Elon Musk fell over 23% following a comedy sketch by Elon Musk on Saturday Night Live.

Akarsh Verma | May 9, 2021 | Updated 15:06 IST

Highlights

  • Dogecoin is a cryptocurrency that was started as a joke back in 2013.
  • The price of Dogecoin peaked at 71 cents following the endorsement by Elon Musk.
  • Investors who were hoping for the cryptocurrency to reach $1 were left disappointed when the currency dipped 23% following Musk’s statement on Saturday Night Live.

The price of the cryptocurrency dogecoin plunged overnight as Tesla's CEO Elon Musk hosted Saturday Night Live (SNL).

His backing of dogecoin had been a rallying point for the doge community, who had been eagerly anticipating his appearance, but dogecoin holders who had hoped his mention of the digital currency on national TV would boost its price toward $1 were left disappointed. After peaking around 70 cents just before SNL aired, dogecoin prices slumped to 47 cents when the show started, before recovering at around 55 cents.

The online trading platform Robinhood was overwhelmed by crypto traders, crashing briefly.

The meme-driven cryptocurrency, first introduced in 2013 as a joke saw a huge spike earlier this month after being endorsed by Elon Musk. All eyes were on the Tesla CEO as he took the stage on Saturday Night Live, which included a comedy sketch where he was forced to explain the complex technology to regular viewers.

"Cryptocurrencies are a type of digital money, but instead of being controlled by a central government, they are decentralised using blockchain technology", he said. "Lately, prices have been soaring for cryptos like bitcoin, ethereum, and especially dogecoin. Dogecoin actually started as a joke based on an internet meme, but now it's taken over in a very real way."

The skit continued with the fictional panel continuing to probe Musk to explain what the hell dogecoin actually represents compared to real money, to which he responded: "It's kind of real."

"It's the future of currency," he continued. "It's an unstoppable financial vehicle that's going to take over the world." Musk also introduced his mother during the intro sketch to fit in another joke about the trending cryptocurrency.

"I'm excited for my Mother's Day gift," she said. "I just hope it's not dogecoin." But after endorsing the revolutionary new cryptocurrency, Musk admitted, "it is a hustle", setting Twitter alight with memes immediately.

As soon as the value of Dogecoin started plummeting, social media exploded with memes and comments about the future of the cryptocurrency.

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