As predicted, Elon Musk used his guest-hosting gig on Saturday Night Live to plug the cryptocurrency Dogecoin—and immediately sent it into a spectacular dive. Fans of Doge, which is named for a meme about a talking shiba inu, were betting that the Tesla boss’ SNL appearance would get it trading as high as $1 per token, but cynics got the last—and possibly only—laugh of the evening. The currency was at 66 cents when the show started, but as soon as Musk joked that he was buying it as a Mother’s Day gift, it plunged. At one point during the broadcast it was as low as 48 cents; it rose to 54 cents during an extended bit on the Weekend Update segment in which Michael Che challenged Musk to explain what Dogecoin actually is (it ended with Musk admitting it’s “a hustle.”) But when SNL ended, it was at 56 cents, lower than where it started. The furious trading apparently caused technical problems for the trading app Robinhood.
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