Elon Musk, the self-proclaimed ‘Dogefather’ made his Saturday Night Live debut wherein the price of Dogecoin went on a downwards hill. The cryptocurrency was quoted as low as $0.41 on Binance, down 36% levels from $0.65 before the show. It retraced some of its lost gains and is currently trading around $0.53.
Dogecoin Price Drops During Musk’s SNL Appearance
Dogecoin (DOGE) fell as much as 29.5%, dropping to $0.49, during Elon Musk’s SNL debut.
Musk mentioned DOGE in his opening monologue and on SNL’s “Weekend Update.” He even called himself the “Dogefather,” while howling “To the moon,” a catchphrase popular among crypto enthusiasts intent on driving the value of the cryptocurrency to infinity and higher.
DOGE retreated from its all-time high after the billionaire called it “a hustle” during the show.
Before the show, DOGE was priced at $0.66, near its all-time highs. During the course of the show, it went as low as $0.51 as holders cashed out.
Meanwhile, Barry Silbert, the founder of major cryptocurrency ventures, most notably Grayscale suggests that DOGE holders should sell their coins for Bitcoin.
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
Various analysts in the space agree that newbies making quick gains should siphon them into a safer risk-adjusted bet like Bitcoin.
He later went on to tweet:
“Any money we make on this we’re going to donate to financial education and bitcoin-related causes.”
Robinhood Crashes Amid DOGE Selloffs
During the course of the show’s frenzied DOGE sell-off, several Robinhood users complained that Robinhood’s crypto trading wasn’t working.
The trading platform confirmed the outage on Twitter while updating the service was restored in less than an hour, claiming that the issue was related to “high trading volume and volatility.”
Crypto trading is back up and running. Due to high trading volume and volatility, some customers might see some intermittent issues. We’re working hard to provide a smooth experience, and will monitor the situation closely. Check https://t.co/ZS733G6N1J.
— Robinhood Help (@AskRobinhood) May 9, 2021
This isn’t the first time that Robinhood experienced trading crashes in dogecoin. Last month, the trading platform said customers experienced “sporadic crypto order failures” during a dogecoin rally. The problems have persisted even this past week when a Dogecoin surge led to another outage.