Elon Musk ‘SNL’ Episode Erased Days of Torrid Dogecoin Gains

About This Source - Bloomberg QuickTake: Now

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.

It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake: Now:

  • Britney Spears Asks to Be Freed From Conservatorship: ‘I Deserve a Life’
  • At Least Five People Injured After Bridge Collapses Over D.C. Highway
  • LIVE: Eric Adams Leads NYC Mayoral Race Ahead of Weekslong Vote Count | Top News
  • Bloomberg Quicktake: Now published this video item, entitled “Elon Musk ‘SNL’ Episode Erased Days of Torrid Dogecoin Gains” – below is their description.

    Dogecoin, the fifth most valuable cryptocurrency, retreated from an all-time high after billionaire Elon Musk, appearing on “Saturday Night Live,” jokingly called it “a hustle.”

    The altcoin had surpassed 73 cents on Saturday before dropping to 46.01 cents as of 8:08 a.m. in New York Sunday, a 35% decline in 24 hours, according to pricing from CoinGecko.

    Dogecoin hadn’t been below 50 cents since May 4, amid a rally in anticipation of the “SNL” episode. The activity may also have affected Robinhood, which said earlier that it was having some issues with crypto trading, citing high volume and volatility.

    Musk was asked repeatedly during the “Weekend Update” segment to explain what Dogecoin is. After reciting multiple facts about the cryptocurrency in the character of a financial expert, he was asked if Dogecoin was a “hustle.” He responded, “yeah, it’s a hustle.”

    Musk, 49, is the world’s second-richest person with a net worth of $183.9 billion, according to the Bloomberg Billionaires Index. In his monologue, he said he’s the first person with Asperger’s to host the show; Dan Aykroyd actually was. Musk helped drive Dogecoin to new heights on Friday and Saturday after tweeting a picture of himself and a Shiba Inu, the dog breed that lends its image to the altcoin, on the set of the NBC show.

    Dogecoin, a cryptocurrency that started as a joke in 2013, has surged more than 16,000% in the past year, according to CoinGecko. Musk has been among its biggest boosters, along with Mark Cuban, Snoop Dogg and Gene Simmons. Dogecoin traders around the world organized watch parties for the “SNL” episode.

    An earlier Dogecoin reference came during the opening monologue where his mother, Maye Musk, joined him on stage. The author and model said she was excited about her Mother’s Day gift, and she hoped it’s not Dogecoin — to which he said, “it is.”

    In the character of the financial expert, Musk also called Dogecoin “the future of currency, it’s an unstoppable financial vehicle that’s going to take over the world.”

    Meanwhile, DCG Holdco Inc. CEO Barry Silbert posted on Twitter hours before the “SNL” episode that he’d gone short Dogecoin via a leveraged token, and that it was time for people to convert Dogecoin into Bitcoin. He later added that if Dogecoin hits $1 by May 31, $1 million would be donated “to a charitable cause selected by the Dogecoin community.”

    Bitcoin, the largest cryptocurrency, retreated more than 1% to about $58,000. Musk’s Tesla Inc. announced in February that it had bought $1.5 billion of Bitcoin, and the head of the electric-car giant himself has spoken of the digital asset in favorable terms.

    Cryptocurrencies are “promising, but please invest with caution,” Musk tweeted on Friday, linking to a video that showed him talking about the merits of crypto, particularly Dogecoin. That followed months of Twitter posts from Musk about the likes of Bitcoin and Dogecoin, almost all favorable.

    Bloomberg Quicktake: Now YouTube Channel

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    In This Story: Bitcoin

    Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. Bitcoin was the first decentralized cryptocurrency.

    4 Recent Items: Bitcoin

  • Bitcoin Is a Better Version of Gold, Novogratz Says
  • Will Bitcoin Stay Volatile?
  • Why this crypto bear thinks bitcoin could fall back to $10K
  • Bitcoin and Gold Linked ‘In a Way,’ BofA’s Blanch Says
  • In This Story: Cryptocurrency

    A cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.

    Bitcoin is the first decentralized cryptocurrency. Since the release of bitcoin, other cryptocurrencies have been created.

    4 Recent Items: Cryptocurrency

  • Crypto Excitement Is Sign of the Times: Bannockburn’s Chandler
  • Bitcoin Is a Better Version of Gold, Novogratz Says
  • Will Bitcoin Stay Volatile?
  • Far Peak’s Tom Farley on why he’s still optimistic about bitcoin
  • In This Story: Elon Musk

    Elon Reeve Musk FRS is a business magnate, industrial designer, engineer, and philanthropist. He is the founder, CEO, CTO and chief designer of SpaceX; early investor, CEO and product architect of Tesla, Inc.; founder of The Boring Company; co-founder of Neuralink; and co-founder and initial co-chairman of OpenAI.

    5 Recent Items: Elon Musk

  • NASA, ESA send congratulations on success of Shenzhou-12 mission
  • Elon Musk: CO2 saint or sinner? | FT Film
  • SEC Wants to Provide Clarity Around Cryptocurrency
  • SpaceX Launches Military Satellite, Lands Rocket on Drone Ship
  • SpaceX Takes Military Satellite to Orbit for First Time
  • In This Story: Snoop Dogg

    Calvin Cordozar Broadus Jr., known professionally as Snoop Dogg, previously Snoop Doggy Dogg, and briefly Snoop Lion, is an American rapper and media personality. His fame dates to 1992 when he featured on Dr. Dre’s debut solo single, “Deep Cover”, and then on Dre’s debut solo album, The Chronic.

    4 Recent Items: Snoop Dogg

  • Nneka Ogwumike once partied with Snoop Dogg and bowed to Kobe Bryant‼️ | #Chiney
  • Snoop Dogg rips the Lakers and says get your popcorn ready for Nets vs. CLIPPERS in the NBA Finals
  • Reacting to Snoop Dogg calling the Lakers ‘soft’ after Game 5 | KJZ
  • Snoop Dogg-Backed Cannabinoid Company Jumps in London Debut
  • Leave a Comment