- The value of the cryptocurrency Dogecoin strike down during Elon Musk’s episode of “Saturday Night Live.”
- The altcoin is now trading at 47 cents, a 36% dip upward of the past 24 hours, according to Coinbase data.
- At the same time, Robinhood tweeted that its app was experiencing troubles with trading.
- See more stories on Insider’s business page.
The price of Dogecoin fell sharply during billionaire Elon Musk’s publication on “Saturday Night Live” on May 9.
The cryptocurrency, which started as a joke in 2013 but recently gained popularity with Musk’s vocal bear, traded at 47 cents as of 9:35 a.m. in New York, a 36% decline over 24 hours, according to Coinbase details.
Musk touted Dogecoin during his appearance on the show’s “Weekend Update” sketch, saying the cryptocurrency would “carry off over the world” and calling himself the “Dogefather.” However, when asked if Dogecoin was a “hustle,” he replied “yeah, it’s a shoving.”
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 climaxes with crypto trading,” Robinhood tweeted during Musk’s performance. “We’re working to resolve this as soon as viable.”
—Robinhood Help (@AskRobinhood) May 9, 2021
Robinhood told Insider that the platform’s crypto-trading was “back up and running” near 30 minutes after it first reported difficulties. Robinhood declined to comment on whether the issues were tied to the “SNL” deportment.
—Robinhood Help (@AskRobinhood) May 9, 2021
Dogecoin was originated in 2013 by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer.
This year, Dogecoin has had profuse than a 12,000% year-to-date rally, and spiked the week prior to Musk’s hosting gig on “Saturday Night Live.” The Reddit league Wall Street Bets, which cheered an unlikely rally of GameStop stock earlier this year, has also championed Dogecoin.