---
title: "Dogecoin Price Fell the Instant Elon Musk Went on “SNL”"
description: "Dogefather The price of jokey cryptocurrency Dogecoin had risen significantly prior to SpaceX CEO Elon Musk’s shift hosting Saturday Night Live — an altcoin that the SpaceX and Tesla founder has boosted repeatedly on Twitter. Cryptocurrency valuation is notoriously fickle, but by the end of the hour-long program, the program had fallen from a high […]"
date: "2021-05-09"
modified: "2021-05-09"
authors:
  - name: "Jon Christian"
    job_title: "Executive Editor"
    link: "https://futurism.com/authors/jonc"
url: "https://futurism.com/the-byte/dogecoin-price-elon-musk-snl"
categories:
  - "Elon Musk"
  - "Future Society"
  - "Off-World"
  - "Space"
  - "The Industrialists"
tags:
  - "dogecoin"
  - "elon musk"
  - "SpaceX"
  - "the digest"
---

# Dogecoin Price Fell the Instant Elon Musk Went on “SNL”

![Tesla CEO Elon Musk took to Twitter early Wednesday morning to post a meme about the alternative cryptocurrency Dogecoin, sending it soaring by 25 percent.](<https://futurism.com/wp-content/uploads/2021/02/single-word-elon-musk-tweet-sends-crypto-dogecoin-soaring.jpg>)
*\<em\>Image: Elon Musk via Twitter\</em\>*

## Dogefather

The price of jokey cryptocurrency Dogecoin had [risen significantly](<https://futurism.com/the-byte/elon-musk-tweets-doge-guest-snl>) prior to SpaceX CEO Elon Musk's shift hosting *Saturday Night Live* — an altcoin that the SpaceX and Tesla founder has boosted repeatedly on Twitter.

Cryptocurrency valuation is notoriously fickle, and by the end of the hour-long program, the program had fallen from a high of [$0.74 over Saturday to $.52](<https://www.coindesk.com/price/dogecoin>) — a grim sign for anybody who saw long-term potential for the cryptocurrency.

## Dogecoin

Musk referenced Dogecoin early on the program, during a [portion of the show](<https://futurism.com/elon-snl-reviews-reactions>) that included his mother, Maye Musk.

During that period of the show, though, the value of Dogecoin fell precipitously — a combination, perhaps, of its limited visibility during Elon's hosting of the show.

## Redemption Arc

Late in the show, there was a segment in which Musk sang the praises of Dogecoin, saying that [it was as real as the US dollar](<https://twitter.com/APompliano/status/1391248026333814791>).

But by the end of the show, the value of the cryptocurrency had fallen precipitously — showing the limits, perhaps, of Musk as the [self-proclaimed](<https://twitter.com/elonmusk/status/1387290679794089986>) Dogefather.

**More on Dogecoin:** [*Elon Musk Isn’t So Sure About Dogecoin: “Invest With Caution”*](<https://futurism.com/the-byte/elon-musk-reverses-course-on-dogecoin-invest-with-caution>)

## Author
I'm responsible for editing, assigning, and scouting at Futurism, as well as occasionally writing for the site. That work involves keeping an eye on a wide range of narratives and issues, but over the past few years I've become increasingly interested in how AI is shaping the future of media, the web, and information itself. My day-to-day often involves collaborating on reporting and commentary projects bylined by my colleagues, but I try to find time to do my own reporting as well; stories I've broken for Futurism have been cited by publications including the New York Times, the Washington Post, the New Yorker, Wired, Ars Technica, New York Magazine, the Columbia Journalism Review, Bloomberg, and more. I grew up in Southern Vermont and attended Vanderbilt University. Prior to Futurism, I contributed to outlets including the Boston Globe, Vice, Wired, Slate, the Atlantic, the Outline, Ars Technica and more, and did stints in farming and food service. I currently live in Brooklyn, New York, and in my free time I enjoy pinball, word games, cycling, running, and music production.

### Author social links  
[Bluesky](<https://bsky.app/profile/jonchristian.net>)