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Reason for dogecoin crypto drop? The appearance of Elon Musk at SNL is the reason for the dogecoin crypto drop or is it something else?

Elon Musk, SNL, dogecoin

Tesla CEO, Elon Musk’s much anticipated appearance as a host on SNL did not go as planned for most investors, and they are all trying to figure out why.

When it was revealed that Elon Musk will be hosting one episode of SNL, investors got excited, specially those who owned dogecoin. Over the last couple of weeks, Musk had been dropping cryptic messages about his performance with tweets such as “The Dogefather” and “Woke James Bond”, and had previously also done a lot of promotion for the cryptocurrency on his social media.

This leads to fans believing that Musk will definately be mentioning or promotiong Dogecoin on SNL, which is going to result in it’s value rising. The crypto’s value had already risen ahead of his appearance.

However, the result of his appearance was not what most investors had expected.

Also Read: For Crypto Meme Lovers: Top Memes On Crypto Dogecoin

Elon Musk mentioning Dogecoin on SNL

Musk hosted the show at 11:30 p.m. EDT on Saturday (0330 GMT on Sunday), and right after the episode, the value of dogecoin dropped sharply, after the Tesla chief called it a ‘hustle’ during his guest-host spot on the comedy sketch TV show.

When asked about what dogecoin is, Musk replied “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.”

A show cast member, Michael Che countered and asked, “So, it’s a hustle?”, Musk replied, “Yeah, it’s a hustle.” and then laughed. After this, dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before the show. Cryptocurrency enthusiasts had for days been eager to see what he would say, after his tweets this year turned the once-obscure digital currency into a speculator’s dream.

Elon Musk on SNL

Musk opened his monologue in the show by talking about how no one ever gets when he’s joking.

“It’s great to be hosting ‘Saturday Night Live,’ and I really mean it,” said Elon Musk standing on the stage. “Sometimes after I say something, I have to say that I mean it.”

He also admitted that he that he is the first person with Asperger’s syndrome to host the show. “I don’t always have a lot of intonation or variation in how I speak… which I’m told makes for great comedy,” he joked in his opening monologue. “I’m actually making history tonight as the first person with Asperger’s to host SNL.”

“Or at least the first person to admit it,” he added. This was the first time Musk admitted to having a mild form of autism.

“Look, I know I sometimes say or post strange things, but that’s just how my brain works,” he continued, “To anyone who’s been offended, I just want to say I reinvented electric cars, and I’m sending people to Mars in a rocket ship, did you think I was also going to be a chill, normal dude?”. This earned him a laugh and applause from the stuido audience.

Also Read: When And Where To Watch Saturday Night Live (SNL)?

What other cryptos has Musk supported?

Elon Musk has always been very vocal about his interest in crypto currency. He has even shown his interest in bitcoin, and recently, his company Testla invested $1.5 billion in Bitcoin, which sent the crypto surging to an all time high.

Elon Musk has already backed two crypto currencies, and they are both now the biggest ones so far. We’re curious to see what other crypto currencies Musk will be tweeting about.

What is Dogecoin?

Dogecoin, Elon Musk
Dogecoin

Dogecoin is a cryptocurrency which was created in the December of 2013, by two software engineers Billy Markus and Jackson Palmer. It is a digital currency just like Bitcoin, used for e-transactions. Hilariously, the coin got its name from a ‘doge’ meme and has a picture of the shiba inu on it.

The currency came into global prominence after Tesla’s chief executive officer (CEO) Elon Musk, rapper Snoop Dogg and rock band Kiss’ bassist Gene Simmons mentioned it on Twitter.

Also Read: iHeartRadio Music Awards 2021: Check out the list of nominees, male & female artists of the year and everything you need to know about the star-studded event!

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