Why is Elon Musk promoting Dogecoin?

Musk has also been working to improve Dogecoin as a cryptocurrency. He announced earlier that he is working with the cryptocurrency’s developers to improve its network’s transaction efficiency. Musk has even hinted at Dogecoin’s use for transactions in his company Tesla.

Is Elon Musk going to talk about Dogecoin on SNL?

Musk’s tweets earlier this year catapulted the coin, which started out as a joke on social media, to a veritable currency. Musk ended up mentioning dogecoin twice on “Saturday Night Live”: during his opening monologue and again on “Weekend Update,” where he discussed it with co-hosts Colin Jost and Michael Che.

Will dogecoin spike after SNL?

Based on the “Doge” meme and started as a “fun” alternative to Bitcoin, Dogecoin’s value has risen phenomenally ever since Musk started to endorse it. However, it wasn’t just the two other SNL guest stars — The Kid Laroi and Miley Cyrus — but he also included Dogecoin’s mascot, a Shibu Ina, photoshopping it of course.

What happened to Dogecoin during Elon Musk’s SNL performance?

Both dogecoin and Tesla had been trading higher in anticipation of Musk’s SNL appearance. Tesla futures weren’t trading Saturday night during the show. It’s unclear what was driving the dogecoin selloff. Perhaps investors wanted Musk to say something more supportive of the cryptocurrency.

Will Elon Musk’s tweets send Dogecoin soaring again?

With their fingers and Twitter feeds on the pulse of the latest tweets by Tesla CEO Elon Musk, Dogecoin faithful are waiting for any reason to send Dogecoin soaring again. However, not everyone who invests in Dogecoin bank their behavior on what Musk does or doesn’t do.

What happened to Dogecoin on Saturday Night Live?

As Elon Musk – the self-proclaimed “Dogefather” – made his “Saturday Night Live” debut, the price of dogecoin fell off a cliff. The meme-inspired cryptocurrency fell as much as 29.5\%, dropping to 49 cents at one point. Musk mentioned dogecoin in his opening monologue and on “Weekend Update,” SNL’s satirical news show.

Is ‘Saturday Night Live’ owned by CNBC?

Disclosure: “Saturday Night Live” is a TV show of NBCUniversal, the parent company of CNBC. CNBC owns the exclusive off-network cable rights to “Shark Tank,” which features Mark Cuban as a panelist.