Anyone who follows cryptocurrency knows that sharp drops are inevitable in online markets, but a 25% drop in dogecoin on Sunday afternoon was enough to make investors nervous.
Following Elon Musk's support, the meme-driven cryptocurrency, which was first launched in 2013 as a joke, has seen a huge surge this month. As he took the stage on Saturday Night Live, all eyes were on the Tesla CEO, who was forced to explain advanced technologies to frequent viewers in a comedy sketch.
In a skit, Musk played the fictional character Lloyd Ostertag and said, "Call me the Dogefather."
"Cryptocurrencies are a form of digital money that is decentralized using blockchain technology rather than being regulated by a central government.
"Cryptocurrencies such as bitcoin, ethereum, and, especially, dogecoin, have seen their prices skyrocket recently. Dogecoin began as a joke based on an internet meme, but it has since taken on a life of its own."
The skit continued with the fictional panel pressuring Musk to illustrate what the hell dogecoin is in comparison to real money, to which he replied: "It has a certain realism to it.
"It's the currency of the future," he said. "It's an irresistible financial vehicle that'll take over the planet," says the author.
During the intro sketch, Musk also took out his mother to fit in another joke about the trending cryptocurrency.
"I'm looking forward to my Mother's Day present," she said. "I just hope it's not dogecoin," says the narrator.
However, after advocating for the groundbreaking new technology, Musk admitted that "it is a hustle," igniting a firestorm on Twitter.
Not coincidentally, the famous trading app Robinhood encountered server issues in the middle of the show.
By the end of the broadcast, Dogecoin had reached a high of US$0.71 (NZ$.97) and was trading at US$0.51 (NZ$0.70). Since the show began, it has climbed back up to US$0.5445 (NZ$0.74), a 19.5 percent decline.
Musk's widely awaited appearance was the first Saturday Night Live episode to be broadcast worldwide on YouTube.
In a quote, NBCU's Frances Berwick said, "SNL is a global phenomenon, and this Livestream marks the first time viewers around the world can encounter the show concurrently with audiences in the United States."
"It's a dream come true to put on this global event with Elon Musk as host and Miley Cyrus as musical guest. We'd like to express our gratitude to our foreign partners as well as YouTube for their assistance in making this possible."
