It didn't help that his mother Maye said that she didn't want to receive Dogecoin as a present.
Elon Musk presenting Saturday Night Live was meant to be a big moment in the crypto world — with analysts feverishly predicting that Dogecoin would surge.
But the billionaire’s appearance on primetime television appeared to have the opposite effect, with DOGE plunging sharply as the broadcast drew to a close.
During the opening monologue, Musk brought on his mother Maye, who asked about her present for Mother’s Day. “I just hope it’s not Dogecoin,” she quipped.
Later in the program, the Tesla CEO also appeared to describe DOGE as a “hustle.”
Overall, DOGE lost more than a third of its value in the space of 12 hours… taking the joke cryptocurrency further away from record highs of $0.7376.
Bad Reviews
Musk’s performance on SNL is best described as being rather stilted and awkward. (Which is somewhat understandable given how he made his fortune in electric cars, not by having impeccable comedic timing.)
One memorable moment during the monologue came when he said:
“To anyone I’ve offended I just want to say: I reinvented electric cars and I’m sending people to Mars in a rocket ship … did you also think I was going to be a chill, normal dude?”
DOGE Days Are Over?
Dogecoin has managed to bounce back following on from the crash over the weekend, and it remains the fourth-biggest cryptocurrency in terms of market cap.
What remains to be seen is whether or not DOGE can keep up the momentum, or whether funds will start flowing into other coins.
Interestingly, one of the big gainers over the past 24 hours has been SHIBA INU, a cryptocurrency that’s designed to imitate Dogecoin.
At the time of writing, it’s risen by 163.58% in just 24 hours, and 1,835.93% in the past week.
Dubbed a “Dogecoin killer,” Binance recently listed the coin in its innovation zone, where volatile and high-risk tokens can be traded.
