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Elon Musk’s cringe SNL debut caused sharp drop in dogecoin value

Do you ever realise that we do be living in a society? Well, Elon Musk was so cringe on SNL that dogecoin’s value dropped “sharply”.

Ugh, there’s so much to unpack here. Billionaire space coloniser, Elon Musk’s controversial appearance guest appearance on Saturday Night Live (SNL) caused the value of dogecoin cryptocurrency to sharply drop after the Tesla chief called it a “hustle”.

Dogecoin dropped as low as 47 US cents (59 cents AUD) on crypto exchange, Binance – down 28 per cent after hovering at around 65 US cents (83 cents AUD) before the show.

Elon Musk SNL
Image: nme.com

Asked “what is dogecoin”, while hosting SNL, Musk replied: “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.”

“Call me the Dogefather,” Musk said while playing fictional character, Lloyd Ostertag in a skit where he was forced to explain the cryptocurrency to human viewers.

“Cryptocurrencies are a type of digital money, but instead of being controlled by a central government, they are decentralised using blockchain technology.

“Lately, prices have been soaring for cryptos like bitcoin, ethereum and especially dogecoin. Dogecoin actually started as a joke based on an internet meme, but now it’s taken over in a very real way.”

When SNL cast member, Michael Che asked: “So, it’s a hustle?” Musk replied, “Yeah, it’s a hustle,” while laughing.

The 49-year-old ‘eccentric’ CEO had cryptocurrency nuts eager to hear what he would say before his grand debut, after his continuous tweeting this year turned the once-obscure digital currency into an investors wet-dream.

Musk’s cryptic tweets about “Doge” and “dogecoin is the people’s crypto” in February kicked off a rally in dogecoin —  a parody of mainstream cryptocurrencies such as bitcoin.

“Only a fool wouldn’t look elsewhere,” he tweeted.

The now-unfortunate timing puts Musk back in the spotlight just as Tesla’s shares are losing steam following last year’s unprecedented boom.

Musk also said he might be the first person with Asperger’s syndrome to host the May 8 show, “or at least the first person to admit it”, seemingly forgetting actor Dan Akroyd, who also has Aspergers, and who worked as a cast member in the 1970s.

While the May 8 episode marked the first time a business mogul took the role of SNL host, Musk’s highly anticipated performance also marked the first episode of SNL to be internationally broadcast on YouTube.

As well as bringing out his literal mother for a joke about Mother’s day, and a guest appearance from none other than Grimes, Musk also joked about his 50-million-follower-strong Twitter account.

In particular, the posts that led some critics and SNL crew to strongly object to him hosting the show, including the infamous misinformation-spreading about COVID-19, and his criticism of SpaceX employees unionising.

“Look, I know I sometimes say or post strange things, but that’s just how my brain works,” he said.

“To anyone who’s been offended, I just want to say I reinvented electric cars, and I’m sending people to Mars in a rocket ship.

“Did you think I was also going to be a chill, normal dude?”