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Dogecoin plummets during Elon Musk's 'Saturday Night Live' hosting gig as Robinhood experiences issues

·2-min read
Miley Cyrus Elon Musk SNL
Miley Cyrus was the musical guest on "SNL," while Elon Musk hosted. NBC/Getty Images
  • The value of the cryptocurrency Dogecoin fell during Elon Musk's episode of "Saturday Night Live."

  • The altcoin is now trading at 47 cents, a 36% dip over the past 24 hours, according to Coinbase data.

  • At the same time, Robinhood tweeted that its app was experiencing difficulties with trading.

  • See more stories on Insider's business page.

The price of Dogecoin fell sharply during billionaire Elon Musk's appearance on "Saturday Night Live" on May 9.

The cryptocurrency, which started as a joke in 2013 but recently gained popularity with Musk's vocal support, traded at 47 cents as of 9:35 a.m. in New York, a 36% decline over 24 hours, according to Coinbase data.

Musk touted Dogecoin during his appearance on the show's "Weekend Update" sketch, saying the cryptocurrency would "take over the world" and calling himself the "Dogefather." However, when asked if Dogecoin was a "hustle," he replied "yeah, it's a hustle."

At the same time, Robinhood, the multi-billion dollar stock trading app, said the platform was experiencing issues with crypto-trading.

"Update: We're currently experiencing issues with crypto trading," Robinhood tweeted during Musk's performance. "We're working to resolve this as soon as possible."

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Robinhood told Insider that the platform's crypto-trading was "back up and running" about 30 minutes after it first reported difficulties. Robinhood declined to comment on whether the issues were tied to the "SNL" performance.

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Dogecoin was originated in 2013 by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer.

This year, Dogecoin has had more than a 12,000% year-to-date rally, and spiked the week prior to Musk's hosting gig on "Saturday Night Live." The Reddit group Wall Street Bets, which cheered an unlikely rally of GameStop stock earlier this year, has also championed Dogecoin.

Read the original article on Business Insider

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