Dogecoin Plummets After Rough Elon Performance On 'SNL'

Elon Musk's long-awaited (or dreaded) performance on Saturday Night Live came to pass last weekend, and critics and fans generally agreed: it was terrible.

This wasn't much of a surprise considering the state of the long-running sketch show and Musk's public displays of his sense of humor on Twitter, but the real-world consequences of Elon's performance was, for many, the funniest part of the night: Dogecoin, the meme-based cryptocurrency hyped by Musk, the self-proclaimed "CEO of Dogecoin," plummeted 30%.

The price of Dogecoin was running at a good clip prior to Elon's performance, as investors saw the SNL episode as a chance for the peculiar crypto to get massive exposure. Sure enough, Dogecoin was referenced multiple times on Saturday's show, but not exactly in a flattering way. Musk's mother came out during the show's traditional opening monologue and said, "I'm excited for my Mother's Day gift. I just hope it's not dogecoin!" Later, during "Weekend Update," Musk played a caricature of himself and was asked to explain Dogecoin, which he struggled to do, and ultimately admitting it's "just a hustle."

Dogecoin was trading at 70 cents prior to SNL going on the air. After Musk's performance, it dropped to 44 cents.

Saturday's performance is hardly the first time his public persona has affected his business interests. He has gotten in hot water several times after his public jokes and comments have affected Tesla stocks, most notably when Tesla stock plummeted when Musk joked it was too high. However, financial reporters have suggested the Dogecoin plummet wasn't necessarily the fault of Musk, but rather a ploy by investors to "buy the rumor, sell the news," meaning they purchased during the pre-SNL hype with the plan always in mind to sell during the show.