About Last Night - Elon, SNL And Dogecoin

The punchline: Elon’s hosting gig on Saturday Night live wiped $50 billion off of Dogecoin’s market cap in a single session.

The setup: That’s going to take longer to explain.

For those of you visiting us from outer space, Saturday Night Live is a nearly 50 year old show which, at times, has been the hysterically funny touchstone of American culture, and at other times, has been a wretched bore. I’ve watched the show countless times, and know everything there is to know about its history, but I stopped watching it a very long time ago. Having seen last night’s episode, I feel no sting of regret.

Elon Musk, the zillionaire founder of Tesla and SpaceX, was the inexplicable host last night, and given his endless pumping of the Dogecoin currency, the general feeling among the bubble-headed millennials was that the smart move was to buy up as much Dogecoin as they could afford and – in their own endlessly-repeated words – ride the profits “to the moon” as DOGE exploded to God-knows-how-high a price.

I had my own feelings on the matter which, thus far, have played out with eye-watering perfection. We’ll have to wait until Monday to see if I win the Nobel Prize for SNL Conjecture.

The episode began, wisely, with Elon nowhere in sight. Instead, the musician-who-apparently-wants-to-be-in-porn Miley Cyrus came out in a top which was…………..unusual.

So, yeah, that pretty much set the show in a direction that I figured it would.

I strongly suspect this is the first time in history that the broadcasting of SNL was paralleled, as it was in my life, with a tick-by-tick observation of a financial instrument. My thesis was that the old saw to “Buy the Rumor, Sell the News” would never, ever have a more fitting example, and I watched it play out in real time. DOGE didn’t rocket to the moon. Its behavior, if moon-like, was more along the lines of a geological exploration of the lunar inner core with a drill. Over the span of a single session, the now-famous alt-coin lost about 40% of its………ummmm………..”value.”

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