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New York: Cryptocurrency enthusiast and entrepreneur Elon Musk’s debut appearance on “Saturday Night Live” has led to the price of dogecoin plunging.
The cryptocurrency saw a dip of as much as 29.5 percent, reaching 49 cents at one point after Musk mentioned it in his opening monologue and SNL’s satirical news show “Weekend Update”, CNBC reported.
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Elon Musk who called himself the “Dogefather”, in a Q&A session with hosts Michael Che and Colin Jos, said that dogecoin was a “hustle,” and howled “To the moon” which is a popular catchphrase among enthusiasts of the crypto who are committed to driving its value to one dollar.
When SNL first went live on NBC and was streamed in over 100 countries for the first time ever, the cryptocurrency hovered around 69 cents but as the show was on, the price dropped to 56 cents, a 12 percent plunge.
Trading platform Robinhood also reported a crash for cryptocurrency users.
“We’re currently experiencing issues with crypto trading. We’re working to resolve this as soon as possible,” the crypto platform said in a tweet on Sunday
Tesla CEO Elon Musk, who actively supported Bitcoin, seems to have switched his interest towards Dogecoin, while going on to call himself the “Dogefather”.
On Thursday, Musk tweeted: “Cryptocurrency is promising, but please invest with caution!” with a video attached in which he said, “it should be considered speculation at this point. And so, you know, don’t don’t go too far in the crypto speculation …”
He added that cryptocurrency has a “good chance” of becoming what he called “the future currency of the Earth.”
Tesla had already announced that it has invested $1.5 billion in the Bitcoin cryptocurrency.
Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system. Nearly 113 billion coins have already been mined.
Amid the surge in Bitcoin and Ether cryptocurrencies, Dogecoin has surged more than 659 percent this year.
(With Agency Inputs)
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