With the price of dogecoin rising, investors were keeping an eye on Elon Musk’s weekend’s “Saturday Night Live Show.” There was huge anticipation for Elon’s appearance on the show after the billionaire’s tweets this year turned the once-obscure digital currency into a speculator’s dream.
Elon Musk helped drive Dogecoin
The second-richest person in the world, Elon Musk has helped drive Dogecoin to a record high. Dogecoin, a cryptocurrency that was started as a joke in 2013, has increased 130 times this year, with a market capitalization of about $80 billion.
According to the Bloomberg Billionaires Index, Elon Musk, aged 49, is the world’s second-richest person having a net worth of $183.9 billion. Elon Musk is the founder, Chief Executive Officer, Chief Technology Officer, and Chief Designer of SpaceX, an American aerospace and transportation company, as well as Chief Executive Officer, and product architect of Tesla, Inc., an electric vehicle and clean energy company. Dogecoin fans were on their toes to hear what Musk had to say about Dogecoin during the “Saturday Night Live.” After all, he had played a crucial role in propelling the digital coin to new heights before his appearance on the iconic Saturday Night Live show.
Is Dogecoin Musk’s Favourite Cryptocurrency, Besides Bitcoin?
In February 2021, Musk’s Tesla Inc. announced that it had bought worth $1.5 billion of Bitcoin, and Musk himself has spoken of the digital asset in favorable terms. A big-time influencer in the crypto space, Elon Musk also announced this year that Tesla will soon accept Bitcoin payments for their cars.
In fact, Tesla will hold onto Bitcoin payments in their treasury and won’t convert them to fiat currency. Bitcoin is considered to be the largest cryptocurrency that has derived more than 1% to around $58,000 during the time of the show. As for Dogecoin, Musk had even considered gifting Dogecoin to his mother on Mother’s Day. Their interaction on Twitter was an interesting one.
“I’m really excited for my mother and want to present her a Mother’s Day gift. Maye Musk, mother of billionaire Elon Musk hope of not getting dogecoin as a mother’s day gift. However, it should be Tesla and SpaceX” tweeted his mother. In support of Dogecoin during an initial speech by mother, Maye Musk, who joined him on stage said she was excited about her Mother’s Day gift and she hoped it’s not Dogecoin. On the contrary, he replied humorously ‘yes it is.”
Elon Musk on Saturday Night Live
Musk has portrayed himself as a financial adviser trying to explain the concept of cryptocurrency. After being repeatedly asked about Dogecoin, he agreed with one of the anchors that “it’s a feasible activity.”
Tesla boss Elon Musk explained the benefits of cryptocurrency and its obsession during Saturday Night Live’s Weekend Update. To streamline the idea, Colin Jost and Michael Che, both joined at the desk, and Musk was later introduced as “Financial Expert Lloyd Ostertag.”
In a weekend update, Che was asked what the dogecoin was, followed by Musk providing a series of detailed answers about the cryptocurrency. Musk offered another complex answer. Finally, he offered something simple. “I keep telling you, it’s a cryptocurrency you can trade for usual money,” Musk settled on. “Oh, so it’s a hustle,” Che said. “Yeah, it’s a hustle!” Musk admitted.
Dogecoin’s Price Meltdown Began Just Before the Show
With a 130X growth in prices, Dogecoin is the best performing asset so far in 2021. The anticipation of Musk’s appearance on Saturday Night Live was such that DOGE prices jumped 73% on Saturday alone. But Dogecoin’s fans were left disappointed with Doge losing its steam just before Musk’s appearance on the iconic show. Dogecoin losing 35% of its value within a few hours was the opposite of what Dogecoins fans expected from Musk’s expectations.