Elon Musk star becomes guest host of Saturday Night Live unlike any other in the nearly half-century history of American television comedy. Even before he tried to laugh, Musk’s appearance helped drive up the price of a cryptocurrency that started out as a joke.
Its name is dogecoin – a tribute to the internet meme featuring a Shiba Inu dog. Developed in 2013 by two technologists poking fun at the cryptocurrency buzz, it drew a significant amount of money, hitting a market cap north of $ 90 billion on several occasions on Friday and Saturday, according to the CoinMarketCap website. .
Tens of billions of dollars in value have been added in the previous days Saturday Night Live, reflecting the hope that a televised wink or a nod from Tesla’s dogecoin-friendly CEO would inspire his supporters to buy more. Musk appeared to encourage wishful thinking, teasing his appearance with tweets, including one last month that read: “The Dogefather / SNL May 8”.
Musk, who took the additional title of ‘Tesla’s technoking’ this year, quickly flipped his crown in the direction of the dogecoin loyalists on Saturday night. During his opening monologue, he brought his mother Maye out and after an exchange of pleasantries, they got down to business.
“I’m thrilled for my Mother’s Day gift,” she said, speaking just minutes before the American version of the celebration begins Sunday Eastern Time. “I just hope it’s not dogecoin.”
“That’s right,” Musk replied, smiling broadly. “Absolutely.”
The dogecoin discourse got a bit more analytical when Musk returned to the role of the financial expert wearing a “Lloyd Ostertag” bow tie during the SNL satiric. Weekend update segment.
“Call me the Dogefather,” he said upon arriving, recalling the words of Musk’s recent tweet, before being invited by anchor Michael Che to explain cryptocurrencies.
“It’s a type of digital currency. But instead of being controlled by a central government, they’re decentralized, using blockchain technology, ”Musk / Ostertag said. “And lately, prices have skyrocketed for cryptos like Bitcoin, Ethereum, and especially Dogecoin.”
Then it got complicated. No less than six times, and with increasing comedic effect, the presenters asked Musk / Ostertag: “What is dogecoin?” After giving various responses, including calling it “an unstoppable financial vehicle that will take over the world,” he said, “I keep telling you that this is a cryptocurrency that you can trade for. conventional money.
“So, is this a commotion?” Che asked.
“Yeah, it’s a stampede,” Musk / Ostertag said with a broad smile, before proclaiming, “To the moon!”
The hashtag #dogetothemoon was all the rage on Twitter ahead of Musk’s appearance. But the price of dogecoin fell sharply at the time of the SNL release. In the wee hours of Sunday – an illiquid time in the financial world – the price of dogecoin had fallen by about a quarter to bring its market cap back below $ 70 billion, according to CoinMarketCap.
The Dogefather had appeared, as promised, but it was difficult to know what to make of his words. Tongue relentlessly in his cheeks, he made his audience guess why one of the richest people in the world would want to joke on TV about some funny cryptocurrency that could win and lose tens of billions of dollars in A few days.
“Look, I know I say or post weird things sometimes, but this is how my brain works,” Musk said during his monologue. “To everyone I offended, I just want to say that I reinvented electric cars and send people to Mars in a rocket. Did you think that I was also going to be a cold and normal guy?
Musk chuckled and the studio audience laughed. It remains to be seen whether dogecoin investors will end up having fun in the same way.