Dogecoin plunges nearly 30% during Elon Musk’s SNL appearance
As Elon Musk – the self-proclaimed “Dogefather” – made his “Saturday Night Live” debut, the price of dogecoin fell off a cliff.
The meme-inspired cryptocurrency fell as much as 29.5%, dropping to 49 cents at one point. Musk mentioned dogecoin in his opening monologue and on “Weekend Update,” SNL’s satirical news show. In a Q&A with hosts Michael Che and Colin Jost, Musk called himself the “Dogefather,” said dogecoin was a “hustle,” and howled, “To the moon,” a catchphrase popular among doge enthusiasts intent on driving the value of the cryptocurrency to one dollar.
The price of dogecoin began to rebound during the “Weekend Update” skit. As of this writing, it is worth 57 cents, down about 17% from the beginning of the show.
During the frenzied sell-off, several Robinhood users complained that Robinhood’s crypto trading wasn’t working.
The company confirmed the outage on Twitter. Service was restored in less than an hour.
This isn’t the first time that Robinhood has missed out on major trading volume in dogecoin. Last month, the trading platform said customers experienced “sporadic crypto order failures” during a dogecoin rally.