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Saturday Night Dive: Elon Musk and Dogecoin at the Center of Attention

Live from New York….it’s Elon Musk hosting a treasured TV staple?

On Saturday night May 8th, the self-proclaimed “Dogefather” himself hosted the iconic television show, Saturday Night Live.

The ratings for the show were as high as the expectations among Dogecoin and Tesla investors who were anticipating bullish comments.

However, his remarks on the speculative cryptocurrency, Dogecoin. Left investors reaching for their TV remotes and scrambling for their Robinhood stock accounts.

Musk’s statements during the opening monologue and the Weekend Update segment when he called Dogecoin a “hustle”, sent the cryptocurrency plummeting faster than a Chinese rocket launched into outer space.

Dogecoin lost nearly 30% in value before recovering some by the end of the show. 

Elon Musk, the self named "dogefather" because of his support of the crypto coin

While Musk certainly has the means to sustain any pullback in the crypto. Many investors were left outside in the cold howling at the moon.

The move in Dogecoin highlights the inherent dangers of investing in such speculative assets.

Although the selloff in Dogecoin won’t detract long-term investors in the crypto. The sharp decline in value is a painful reminder for investors to never forget the importance of fundamentals when investing in any asset.

Later this week Musk further torpedoed both Dogecoin and Bitcoin. As he made public statements about the environmental impact of BTC mining (knocking $10k off the price) and driving DOGE under 40 cents.

Mark Cuban, another tech-billionaire had a different view saying on Twitter that. “We at will continue to accept BTC/Eth/Doge because we know that replacing Gold as a store of value will help the environment … and … shrinking big bank and coin usage will benefit society and the environment.”

In the short term it looks like the Dogefather carries a lot more weight than Mr. Cuban.

Michael Lombardo