Earlier this week, Musk tweeted a warning to his followers to be wary of cryptocurrency trading. His warning came after speculation intensified about what he might say about the program, a speech fueled by Musk’s admission of being a “wild card.”
Fears that Saturday Night Live Guest host Elon Musk would use the platform to exaggerate the Dogecoin cryptocurrency has proven to be largely unfounded.
This morning, the air was let out of the Dogecoin balloon by speculators. The coin rose as high as 73 cents on some exchanges last night before dipping to around 48 cents from that report, a drop of more than 26%.
Dogecoin price started to drop at the start of 11:30 am ET / 8:30 am PT SNL, and the plunge accelerating at the end of the show.
Although Musk used Dogecoin as a leaf throughout the series, it was mentioned primarily for the comedic effect. The one who bragged about came in the “Weekend Update” segment, where “financial expert” Musk struggles to explain exactly what the piece was to baffled Michael Che and Colin Jost. Musk gave his trademark cry “To the moon!” about the coin at the end of the segment, a phrase he used on social media to tout Dogecoin.
In his opening monologue, Musk himself did not mention cryptocurrency by name. However, his mother, Maye, who joined him in an appearance for Mother’s Day, said she was hopeful her gift wasn’t Dogecoin. He replied with joy: “It is true!”