Elon Musk endorses Dogecoin on ‘Saturday Night Live' as value plummets
Instead of sending Dogecoin to the moon, Elon Musk's appearance on "Saturday Night Live" sent the cryptocurrency hurtling back to Earth.
The Tesla CEO has been one of the most vocal supporters of Dogecoin, a cryptocurrency created in 2013 that has exploded in value in 2021.
Leading up to Musk's appearance, market analysts speculated that a mention of the cryptocurrency could send its value skyrocketing, especially with "SNL" livestreaming the show internationally in more than 100 countries for the first time ever.
Despite two prominent mentions during the episode, the coin's value plummeted, with its market cap falling by tens of billions of dollars from Saturday's peak value of 70 cents down the 51 cents by the end of the show.
