![]() ![]() The Musk effect wore off shortly afterward. The billionaire Tesla CEO gave a shout-out to the month-old spinoff of the canine-themed cryptocurrency on Twitter Thursday morning, causing its price to more than double, according to CoinGecko data. CNN Sans ™ & © 2016 Cable News Network.Dogecoin funds satellite to the moon Dogecoin price action positioned for bullish entries Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. ![]() US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account But more likely, there was some “buy the rumor / sell the news” strategy, trying to capitalize on investors’ predictions coming true by selling high.ĭogecoin traded so actively that Robinhood announced early Sunday morning it was having issues processing crypto trades and was working to resolve the problem. Perhaps investors wanted Musk to say something more supportive of the cryptocurrency. It’s unclear what was driving the dogecoin selloff. Tesla futures weren’t trading Saturday night during the show. But it’s no longer a joke: It’s the fifth-largest cryptocurrency in the world, with a market value just south of $70 billion, according to Coinbase.īoth dogecoin and Tesla had been trading higher in anticipation of Musk’s SNL appearance. That’s what happened in April, when Musk tweeted “Doge Barking at the moon” and shared a photo of a painting by Spanish artist Joan Miró, which is titled “Dog Barking at the Moon.”ĭogecoin started in 2013 as a joke – a nod to the “doge” meme that was all over the internet at the time. He frequently tweets about the cryptocurrency, and just one of his bizarre tweets to his 50 million followers can send dogecoin surging. Musk has been the loudest and most prominent supporter of dogecoin. It’s up more than 12,000% since January and has gained 800% this month alone. The cryptocurrency started Saturday trading at around 70 cents and was selling for about 66 cents just before SNL went on the air at 11:30 pm ET.Ĭryptocurrencies are notoriously volatile, and dogecoin has been on an absolute tear this year. Dogecoin was down 40%, trading as low as 44 cents early Sunday. ![]() DOGECOIN SKYROCKET UPDATEMusk later played a character on SNL’s Weekend Update segment, who struggled to explain what dogecoin was – ultimately admitting it’s just “a hustle.”Īfter pumping up the value of the cryptocurrency in the lead-up to Musk’s SNL appearance, investors sold off dogecoin sharply after the Musks talked about it on the show. “I’m excited for my Mother’s Day gift,” Maye Musk said. Maye Musk appeared at the end of her Tesla CEO son’s SNL monologue to ask what he got her for Mother’s Day. Investors bet right: Elon Musk mentioned dogecoin on “Saturday Night Live” during his opening monologue. ![]()
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