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

The furious selling that emerged after Musk's appearance also affected Robinhood, which said earlier that it was having some issues with crypto trading, citing high volume and volatility.

Update: We’re currently experiencing issues with crypto trading. We're working to resolve this as soon as possible. For the latest updates, check https://t.co/ZS733G6N1J

— Robinhood Help (@AskRobinhood) May 9, 2021

So what about the overhyped Musk appearance? It was, in a word, forgettable, his opening monologue flat and boring, which perhaps can be chalked up to Musk's disclosure that he had Asperger's, although once again Musk had some trouble with reality - he said he was the first person with Asperger’s to host the show, which is false: Dan Aykroyd was.

Musk incorporated his first Dogecoin reference, a throwaway line from Musk's mother, who joined him onstage and asked if her Mother's Day gift would be Dogecoin; Musk replied that it would be. Clearly unhappy with the angle Musk had chosen, just minutes later the doge faithful proceeded to dump the currency, which fell 25% to 50 cents from 66 cents at the start of the show.

Leading into the episode, Alameda Research trader Sam Trabucco (who said in a previous Tweet that he was “studying the typical SNL episode structure to try and understand when a DOGE mention would be the most natural”) speculated that if a joke or mention didn’t come in Musk’s opening monologue, it would be “all over.” And despite getting a very brief mention during the monologue, traders still responded quite negatively.

What he did next did not help: when 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" after previously claiming that Dogecoin “the future of currency, it’s an unstoppable financial vehicle that’s going to take over the world.”

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