"It's A Hustle": Dogecoin Demolished After Musk SNL Snafu

Free stock photo of achievement, background, bank

Once upon a time Saturday Night Live was a celebration of acting talent, of impromptu creativity and most importantly, of humor, which is why it launched the careers of too many comedians to count. Alas, over the past few decades, SNL lost its way. Well... many got a stark reminder last night when millions turned on SNL for first time in years (or ever) only to be immediately reminded why they never watched it anymore.

And then there was Elon Musk.

The world's second richest man was the main reason why an entire generation of young Dogecoin "traders" turned on SNL for the first time in their lives.... only to see their favorite joke of a cryptocurrency (which it is by definition) demolished after weeks of breathless buildups for what Elon Musk had in store. Unfortunately, as with most things Musk, the action was all in the fervent anticipation of the main event... which turned out to be a fiasco.

Having surged to a record high of 73 cents (making it the fifth most valuable cryptocurrency) on Saturday ahead of the show, it started to drop as soon as Musk took the microphone....

Doge: 0.658

— zerohedge (@zerohedge) May 9, 2021

Then it dropped more as Musk's rambling monologue and boring skits failed to excite or properly promote his favorite cryptocurrency. It ultimately dumped as low as 42 cents at of 8:05 a.m. ET.

Doge 0.55

— zerohedge (@zerohedge) May 9, 2021

A 35% decline in 24 hours and a disappointment for all those who had expected that Musk's SNL appearance would be the catalyst that pushes the "dog" above parity with the dollar. Or, as Baird's Michael Antonelli put it, "bad jokes and no funny memes leading to a Doge crash absolutely makes sense to me. It’s like an earnings miss but for a new era."

Bad jokes and no funny memes leading to a Doge crash absolutely makes sense to me. It’s like an earnings miss but for a new era.

— Michael Antonelli (@BullandBaird) May 9, 2021
1 2 3 4
View single page >> |

Disclosure: Copyright ©2009-2021 ZeroHedge.com/ABC Media, LTD; All Rights Reserved. Zero Hedge is intended for Mature Audiences. Familiarize yourself with our legal and use policies ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.