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

Lloyd Ostertag stopped by the desk to talk cryptocurrency. pic.twitter.com/cuILxOBJlj

— Saturday Night Live - SNL (@nbcsnl) May 9, 2021

Sadly, that skit was also unfunny and fell flat as did most of Musk's other attempts at humor.

Dogecoin dropped nearly a third during Elon Musk's SNL appearance, recovering slightly later; in a skit he conceded Dogecoin was merely a "hustle" (@pierce / Protocol)https://t.co/mkDf0Lonsahttps://t.co/Mn8ygXBGD7

— Techmeme (@Techmeme) May 9, 2021

Meanwhile, as Musk was sweating before the live audience as well as on YouTube (NBC chose for the first time ever to live-stream the episode on Youtube) Barry Silbert — the founder and CEO of Digital Currency Group, the parent company of crypto investment vehicle company Grayscale — announced a public short on DOGE via the FTX exchange. In a series of follow-up Tweets, he revealed that the position was $1 million in size, and that any proceeds or remaining funds after closing the short would be donated to charity.

Okay $DOGE peeps, it's been fun. Welcome to crypto!

But the time has come for you to convert your DOGE to BTC

[disclosure: we've gone short DOGE via https://t.co/s8Qde2Ub4Z]

— Barry Silbert (@BarrySilbert) May 8, 2021

As dogecoin was routed, so was the rest of the crypto space, with bitcoin sliding more than 2% to as low as $56,500 while most altcoins were also dragged lower.

Perhaps sensing that his vastly overhyped appearance would lead to turmoil for dogecoin, on Friday Musk tweeted a that cryptocurrencies are “promising, but please invest with caution" linking to a video that showed him talking about the merits of crypto, particularly Dogecoin. That followed months of Twitter posts from Musk about Dogecoin, all of which exuded praise and snared millions of his easily impressionable followers into buying the "joke."

Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq

— Elon Musk (@elonmusk) May 7, 2021
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