The cryptocurrency world witnessed a rollercoaster weekend as Elon Musk made his highly anticipated appearance on Saturday Night Live (SNL), repeatedly referencing Dogecoin and sending its price into a tailspin. Musk described the meme coin as both 'a hustle' and 'the future of currency,' causing DOGE to plunge nearly 30% from around $0.60 to $0.43 before a slight recovery. Shortly after the show, SpaceX announced the DOGE-1 lunar mission, the first commercial payload to the moon fully funded in Dogecoin.
Musk's SNL Debut: 'Dogefather' and Controversial Remarks
During his opening monologue, Musk's mother Maye joked she hoped her Mother's Day gift wasn't Dogecoin, to which Musk replied it was. Later, in the Weekend Update segment, Musk portrayed financial expert 'Lloyd Ostertag,' calling himself the 'Dogefather.' When asked to define Dogecoin, he explained it started as an internet meme joke but became a real phenomenon. He noted a circulating supply of 117 billion coins (actual figures are over 129.5 billion, with no cap).
The turning point came when anchor Michael Che pulled out a dollar bill, questioning Dogecoin's realism. Musk responded: 'It's the future of currency. It's an unstoppable financial vehicle that's going to take over the world.' However, when Che pressed, 'Oh, it's a hustle,' Musk laughingly agreed: 'Yeah, it's a hustle.' The segment ended with Musk howling 'To the moooon.'
Market Impact: Price Crash and Robinhood Outage
Contrary to expectations, Dogecoin's price did not pump during the live broadcast. Instead, heavy selloffs triggered by the 'hustle' comment sent DOGE tumbling nearly 30%. Crypto trading app Robinhood experienced a brief outage as users rushed to sell, lasting less than an hour. The volatile reaction highlighted the market's sensitivity to Musk's influence.
SpaceX's DOGE-1: The Lunar Payload
Following SNL, SpaceX announced a contract with Geometric Energy Corporation to launch the DOGE-1 satellite aboard a Falcon 9 rocket in early 2022. This mission is historic as the first commercial lunar payload paid entirely in Dogecoin. 'It's a testament to the power of cryptocurrency and the Doge community,' a SpaceX spokesperson said. The announcement partially stabilized the token after the SNL dip.
What's your take? Is Dogecoin a genuine currency or a speculative hustle? Share your thoughts in the comments.