Elon Musk SNL performance saw Dogecoin dip by 23%

The meme-driven cryptocurrency, Dogecoin saw a massive surge this month following endorsement by Elon Musk fell over 23% following a comedy sketch by Elon Musk on Saturday Night Live.

The price of the cryptocurrency dogecoin plunged overnight as Tesla’s CEO Elon Musk hosted Saturday Night Live (SNL). Update: We’re currently experiencing issues with crypto trading. We're working to resolve this as soon as possible. For the latest updates, check https://t.co/ZS733G6N1J We could watch #ElonMuskSNL all day! Question: What is #doge? #dogetothemoon #DogeCoinTo1Dollar #doge #ElonSNL #DogeArmyNewsNetwork #dogearmy #DogecoinToTheMoon‘What is dogecoin?’ #doge #dogecoin #dogetothemoon #DogeSNL #Dogefather #dogearmy #Dogecoins pic.twitter.com/oHsj2vS1si — Robinhood Help (@AskRobinhood) May 9, 2021 — Doge Army News Network (@doge_network) May 9, 2021 His backing of dogecoin had been a rallying point for the doge community, who had been eagerly anticipating his appearance, but dogecoin holders who had hoped his mention of the digital currency on national TV would boost its price toward $1 were left disappointed. After peaking around 70 cents just before SNL aired, dogecoin prices slumped to 47 cents when the show started, before recovering at around 55 cents.