Dogecoin plummets after Elon Musk jokes on SNL; Bitcoin also falls
Billionaire Elon Musk took part in the television show Saturday Night Live this weekend, which, as expected, had surprising results on the financial market. While some investors expected to see the Dogecoin cryptocurrency rise thanks to SNL’s global audience, the asset saw a historic drop.
Backed by Elon Musk, the currency has already seen surprising valuations because of the mogul’s jokes, but the exact opposite occurred during SNL. The cryptocurrency became a joke during much of the show and suffered a 30% drop while SNL was still on air. By Sunday morning (9), the digital asset had depreciated by about 40%.
The Dogecoin jokes started right at the introduction of the show, which may have helped in the sharp drop overnight. In the billionaire’s opening monologue, Elon Musk’s mother, model Maye Musk, said she wouldn’t want to get the digital currency as a Mother’s Day gift.
The cryptocurrency that was born as a meme also got a dedicated skit during the show. In the scene, Elon Musk embodies an economist considered to be the “father of Dogecoin” and tried to explain to the presenters how the digital currency works
Elon Musk’s character uses the technical terms to define cryptocurrency, but the use of the asset is not clear to the interlocutors. At the end of the skit, everyone concludes that digital currencies are nothing more than a “scam”.
Bitcoin also oscillates
While Dogecoin jokes caused the currency to fall dramatically, the asset that was born as a meme was not the only cryptocurrency to depreciate after Saturday Night Live. The valuable Bitcoin also suffered from a drop, but considerably smaller.
During this Sunday morning, the digital currency had depreciated by about 2%, according to the CoinGecko platform. Bitcoin Cash also started the day with a drop of approximately 3.90%.
The movement caused by Elon Musk’s appearance on SNL also led to problems for the Robinhood platform. Popular in the United States, the trading app experienced problems during Saturday Night Live, possibly because of the intense movement of investors.
