The cryptocurrency’s price dropped more than 30% after Musk called it a ‘hustle.’
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Dogecoin rose steeply in the weeks leading up to Musk’s appearance, reportedly in anticipation of a name drop during the show. But followers hoping for another spike were not amused. Dogecoin’s price dropped from 66 cents to below 55 cents during the show, and fell to 43 cents in the hours following the program.
The Tesla and Space-X founder has been talking up the cryptocurrency on Twitter this year, helping to push its price higher. In January, Dogecoin was priced at 1 cent. Last week, the cryptocurrency priced at 70 cents.
Musk did mention Dogecoin by poking fun at the cryptocurrency. His mom Maye got in on the act joking, “I’m excited for my Mother’s Day gift. I just hope it’s not Dogecoin.” Another skit followed on the “Weekend Update” segment, where Musk appeared as a bowtie-wearing Dogecoin expert and called the cryptocurrency a “hustle.”
Dogecoin’s price is still hovering between 40 and 50 cents — below its pre-SNL trading levels. But the high volatility of cryptocurrencies means its price could bounce back any day.
And Musk is back to talking up the cryptocurrency. On Tuesday, he tweeted a survey to more than 500 million followers asking whether Tesla should accept Dogecoin as payment. 77% of respondents said yes.