There was a lot of controversy and backlash leading up to Elon Musk’s great Saturday Night Live debut as host of the long-running NBC late night sketch series. But on the way to the show, many believed that shares in Dogecoin would skyrocket with the looks of the entrepreneur. The opposite happened, after Musk called the cryptocurrency a ‘hustle and bustle’ during a bit on Weekend Update.
Dogecoin fell a whopping 30% in price as Sunday spun in the wake of Elon Musk’s SNL appearance. Musk is the cryptocurrency’s main supporter and even joked during his opening monologue that he donated dogecoin to his mother for Mother’s Day. Grilled by Weekend Update news anchor Michael Che on what exactly dogecoin is, Elon Musk eventually gave up explaining it, stating that, as many suspected, it was a ‘hustle and bustle’.
According to reports, “Dogecoin was listed as low as $ 0.416 on crypto exchange Binance, down 36% from pre-show levels around $ 0.65.”
Those who 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 is dogecoin, Musk had this answer.
“It is the future of currency. It is an unstoppable financial vehicle that will take over the world.”
Che was quick: “So it is busy?”. While applying pressure, Musk jokingly replied, “Yeah, it’s a hustle.” This was followed by nervous laughter. And soon after. dogecoin’s price fell the barrel.
Elon Musk also caught heat for his opening monologue. Many disliked his jokes about OJ Simpson, where he claimed the alleged killer “ killed ” it during Simpsons two SNL hosting stints, when in fact OJ only hosted the show once. Musk also stated that he made history as the show’s very first presenter with Asperger’s syndrome. This was also untrue as original Not Ready for Prime Time player Dan Aykroyd also has Asperger’s and has returned to host the show earlier. The news that Doge coins are declining in value comes from Reuters.
Subjects: Saturday Night Live