Dogecoin Drops From Record Value After Elon Musk's 'SNL' Appearance

Not quite the “Dogefather” yet.

Tech
19,592 Hypes 5 Comments

After his much-anticipated appearance on Saturday Night Live, Elon Musk quickly became a disappointment to investors who hoped that his self-proclaimed “Dogefather” title would help to increase the coin’s value past $1 USD. Despite the Tesla billionaire’s shoutout on SNL, the value of the dogecoin went down nearly 40 percent from the record value after his appearance.

The dogecoin was initially trading around $0.44 cents USD per coin, which was already a 38.6 percent decrease from the previous day. As the fourth-largest cryptocurrency by market value, the coin reached a record value of $0.73 USD on Saturday, just before Musk made his SNL debut. The betting odds revealed that there was a 40 percent chance that the price would soar to $1 USD. Unfortunately, the coin’s value took a steep tumble, dropping as much as 29.5 percent to $0.49 USD.

Musk mentioned the coin in his opening monologue and again in the satirical news segment of the show, in which he officially labels himself the “Dogefather”. After a short banter with co-hosts Colin Jost and Michael Che, Musk conceded that the dogecoin was a “hustle”. Robinhood later saw an hour-long crypto trading outage on its platform as investors appeared to be in a frenzy, selling off the coin.

Despite bringing down the value of the dogecoin, Musks’ debut boosted SNL ratings giving the episode the third-highest rating of the show’s 46th season. According toVariety, Musk’s outing saw an average of a 4.8 household rating and a 2.7 score in adults between 28 and 29. Musk’s ratings tied with an episode hosted by Adele featuring H.E.R. as musical guest. His debut also marks the first time in SNL history that the show has been YouTube live-streamed in over 100 countries.

Check out Elon Musk on SNL below.

In case you missed it, due to the recent rise in Bitcoin consumption, it has been revealed that Bitcoin mining consumes more energy than most countries in the world.

Read Full Article

What to Read Next

Dogecoin Soars Past $0.50 USD Ahead of Elon Musk's 'SNL' Appearance
Tech 

Dogecoin Soars Past $0.50 USD Ahead of Elon Musk's 'SNL' Appearance

One analyst said that Musk’s appearance on the show is creating buzz around the coin.

Dogecoin Rebounds to $0.40 USD After Elon Musk Tweet
Tech 

Dogecoin Rebounds to $0.40 USD After Elon Musk Tweet

An 11 percent increase within the past 24 hours.

Dogecoin Price Soars After Elon Musk Reveals He's Working on Transaction Efficiency of Crypto
Tech

Dogecoin Price Soars After Elon Musk Reveals He's Working on Transaction Efficiency of Crypto

The power of a single tweet.


Dogecoin Music Festival Receives Support From Elon Musk
Music

Dogecoin Music Festival Receives Support From Elon Musk

“Sounds kinda fun.”

Dave Bautista Reveals 'Guardians of the Galaxy Vol. 3' Might "Be the End of Drax"
Entertainment

Dave Bautista Reveals 'Guardians of the Galaxy Vol. 3' Might "Be the End of Drax"

Adding that Marvel didn’t seem “very interested” in a film about Drax and Mantis.

Nintendo Records Most Profitable Year Yet
Gaming

Nintendo Records Most Profitable Year Yet

Also naming ‘Animal Crossing: New Horizons’ as its highest-selling game of FY2020.

James Gunn Confirms Multiple 'Suicide Squad' Post-Credit Scenes
Entertainment

James Gunn Confirms Multiple 'Suicide Squad' Post-Credit Scenes

How long will the movie be?

SpaceX Is Launching a Moon Satellite Funded by Dogecoin
Tech

SpaceX Is Launching a Moon Satellite Funded by Dogecoin

DOGE-1 is going to the Moon.

The Nike Air Force 1 Shadow "Have A Nike Day" Features Anklet-Like Details
Footwear

The Nike Air Force 1 Shadow "Have A Nike Day" Features Anklet-Like Details

Do you like the dangly bits hanging off the Swoosh?


DJ Khaled's 'KHALED KHALED' Debuts at No. 1
Music

DJ Khaled's 'KHALED KHALED' Debuts at No. 1

Marking his third chart-topper.

Toei Announces New 'Dragon Ball Super' Film Releasing 2022
Entertainment

Toei Announces New 'Dragon Ball Super' Film Releasing 2022

Original creator Akira Toriyama will be handling the screenplay and character design.

COVID-19 Forcing Ramune Soda Companies To Go Out of Business
Food & Beverage

COVID-19 Forcing Ramune Soda Companies To Go Out of Business

The iconic Japanese soda is seeing plummeting sales.

Nike ZoomX Vaporfly NEXT% 2 "OG" Nods to the Genesis of the Breaking2 Project
Footwear

Nike ZoomX Vaporfly NEXT% 2 "OG" Nods to the Genesis of the Breaking2 Project

By repurposing the “Ice Blue/University Red” color scheme of 2017’s Zoom Vaporfly Elite.

Funko's New "Gold Line" Offers Figures of Iconic Musicians and Famous Athletes
Design

Funko's New "Gold Line" Offers Figures of Iconic Musicians and Famous Athletes

Including the Notorious B.I.G., NBA stars like Giannis Antetokounmpo and NFL standouts like Tom Brady.


More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.