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Elon Musk Plugged Dogecoin On SNL And The Price Immediately Plummeted

Elon Musk Plugged Dogecoin On SNL And The Price Immediately Plummeted

The Tesla CEO joked with his mum Maye that he had bought her the cryptocurrency for Mother's Day

Rebecca Shepherd

Rebecca Shepherd

Last night Elon Musk hosted Saturday Night Live where he jokingly plugged Dogecoin and the price had plummeted by the end of the show.

The Tesla CEO had his mum, Maye, on the show with him and, at one stage, she told him to break a leg before expressing her excitement for Mother's Day (which is today in the US).

She told her billionaire son: "I am excited for my Mother's Day gift. I just hope that it's not Dogecoin," to which Elon immediately quipped: "It is... it sure it."

According to reports, the price of Dogecoin was at around $0.70 before Musk started the show and after it was spoken about it dropped to $0.49.

As SNL finished it crept back up slightly to around $0.57 but was still lower than it was prior to the show.

That wasn't the only SNL mention of the cryptocurrency, because later in the show Musk appeared as the financial expert and was asked repeatedly to explain what Dogecoin is.

After telling co-host Michael Che to call him 'The Dogefather', he went on to explain: "It [Dogecoin] started as a joke based on an internet meme but now it has taken off in a very real way."

After Che removed a dollar bill from his pocket, Musk went on to add: "It's about as real as that dollar," before saying: "It is the future of currency, it is an unstoppable financial vehicle that is going to take over the world."

Still not happy with the answer, Che asked: "What is it, man?" He responded: "I keep telling you it's a cryptocurrency you can trade for conventional money."

Che then said: "Oh, so it's a hustle?" To which Musk agreed: "Yeah, it's a hustle."

Musk, who owns electric car manufacturer Tesla and aerospace company SpaceX, was joined on the hit US show by Miley Cyrus.

Saturday Night Live is an American pop culture institution and regularly invites A-list stars to host.

The show opened with Cyrus singing Dolly Parton's Light of a Clear Blue Morning as the show's stars appeared in sketches with their mothers in recognition of Mother's Day which is this weekend in the US.

Featured Image Credit: NBC/SNL

Topics: elon musk, Entertainment, Celebrity, Saturday Night Live, SNL