Pictured: (lr) musical guest Miley Cyrus, presenter Elon Musk and Cecily Strong during the promos in Studio 8H on Thursday, May 6th, 2021.
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When Elon Musk – the self-proclaimed “Dogefather” – made his “Saturday Night Live” debut, the price of Dogecoin fell off a cliff.
The meme-inspired cryptocurrency even fell 29.5%, dropping to 49 cents at one point. Musk mentioned Dogecoin in his opening monologue and on “Weekend Update,” the satirical newscast from SNL. In a Q&A with hosts Michael Che and Colin Jost, Musk called himself “Dogefather,” said Dogecoin was a “hubbub” and howled “To the Moon,” a catchphrase popular with Doge enthusiasts who appreciate the value want to increase the cryptocurrency to one dollar.
The price of Dogecoin began to recover during the “Weekend Update” kit. As of this writing, it’s worth 57 cents, which is about a 17% decrease from when the show started.
During the frenzied sell-off, several Robinhood users complained that Robinhood’s crypto trading was not working.
The company confirmed the failure on Twitter. Service was restored in less than an hour.
This isn’t the first time Robinhood has missed out on the huge trading volume on Dogecoin. Last month, the trading platform announced that customers had “sporadic crypto order errors” during a Dogecoin rally.
Wall Street hadn’t expected the break-in.
“Musk, also known as the Dogefather, will no doubt have a sketch about cryptocurrencies that are likely to go viral for days and continue to motivate his army of followers to send Dogecoin to the moon,” wrote Edward Moya, senior market analyst at Oanda, in a note on May 4th.
Dogecoin fans roamed en masse on Twitter during the show, and live streams on YouTube were devoted to simultaneously watching SNL and tracking Dogecoin movements.
Tesla’s electrical competitors decided to make the most of Musk fans by buying airtime. Lucid, Ford, and Volkswagen all ran ads. In particular, Tesla does not advertise on television.
Musk mentioned a rival tonight. “I could say something really shocking like driving a Prius.”
Disclosure: “Saturday Night Live” is a television show hosted by NBCUniversal, the parent company of CNBC. CNBC owns the exclusive off-network cable rights to “Shark Tank,” in which Mark Cuban is a panelist.