Dogecoin down after Musk hosts SNL

Cryptocurrency fans and traders were definitely entertained over the weekend as Elon Musk fulfilled his promise and hosted Saturday Night Live. Musk has previously invested $1.5 billion worth of Bitcoin this year and has also spoke highly of the latest underdog coin, Dogecoin. The Tesla CEO has also described himself as the “Dogefather.” He had also joked about the crypto coin as to becoming “the currency of Earth of the future.” However, Musk’s appearance on the show rattled the market, with the Dogecoin falls as much as 29.5%, dropping to 49 cents.

The show

SNL is a satirical American television show, which was hosted by the Tesla CEO last weekend, but was considered to be one of SNL’s worst episodes ever. In addition to Musk, Miley Cyrus was also present for a Mother’s Day tribute song. During his much-awaited monologue, Musk spoke of his lack of “intonational variation”, hinting that he has Asperger syndrome – making it possibly the first time when he spoke of this mild form of autism publicly. As he went on, he addressed the audience who watched from their homes: “To anyone I’ve offended I just want to say: I reinvented electric cars and I’m sending people to Mars in a rocket ship … did you also think I was going to be a chill, normal dude?” The show went on with its numerous schemes, during which Musk acted as Wario on trial, a cowboy inventor and himself, in charge of a Mars colony rescue. However, the pivotal moment was the “Weekend Update” skit, during which Musk played the role of a financial expert who explains the digital money to people who aren’t familiar with the idea, mimicking real life scenarios. During the conversation, Musk’s character is asked, “Oh. So, it’s a hustle,” to which he replies, “Yeah. It’s a hustle.”

Crypto talk

The self-proclaimed Dogefather’s comments during SNL pushed the Dogecoin down by almost 30%. During the “Weekend Update” skit, the Dogecoin’s value started to rebound. Soon after, crypto traders started to note that a certain crypto-investing app wasn’t functioning well, to which the company tweeted, “We’re currently experiencing issues with crypto trading. We’re working to resolve this as soon as possible.” Service resumed normally shortly after. It’s safe to safe that no one was expected the cryptocurrency to fall in value, as senior market analyst Edward Moya noted, “Also known as the Dogefather, Musk will undoubtedly have a sketch on cryptocurrencies that will probably go viral for days and further motivate his army of followers to try to send dogecoin to the moon.” Dogecoin’s shift in prices was closely watched by traders who kept updating their Twitter and YouTube accounts. At the time of writing, Dogecoin is being traded at 0.42, down 36% from levels around $0.65 before the show. Despite Musk saying, “
It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world,” the remark was ignored after the Tesla CEO said that it’s a hustle. Dogecoin is a meme coin – created as a joke following a tweet showing a popular dog meme.

Space bound

Following Musk’s appearance on SNL, Dogecoin was sent to the ground but the Tesla CEO later tweeted that he’s sending a satellite named after Dogecoin to the moon. On Sunday, Musk said, “SpaceX launching satellite Doge-1 to the moon next year,” making Dogecoin the “1st crypto in space” and the “1st meme in space.” Some reports also claim that the satellite will be paid for with Dogecoin. A statement issued on Sunday by Geometric Energy CEO Samuel Reid said, “Having officially transacted with DOGE for a deal of this magnitude,” the two companies have “solidified DOGE as a unit of account for lunar business.” SpaceX and Geometric Energy Corp. will be carrying the satellite on a Falcon 9 moon mission next year. SpaceX Vice President of Commercial Sales Tom Ochinero added on, “This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce. We’re excited to launch Doge-1 to the Moon!”

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