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Elon Musk plugged Dogecoin on SNL - and the price immediately plummeted

Tesla CEO joked that he had bought the cryptocurrency as a Mother’s Day gift
<p>Elon Musk plugged Dogecoin on SNL - and the price immediately plummeted</p> (NBC)

Elon Musk plugged Dogecoin on SNL - and the price immediately plummeted

(NBC)

Elon Musk waited 14 minutes into his debut on Saturday Night Live to plug Dogecoin and the price immediately plummeted.

The Tesla and SpaceXCEO is one of the biggest fans of the cryptocurrency, which was created as a parody, and regularly tweets about it.

And the tech mogul did not disappoint his fans by using Dogecoin as a joke in his opening monologue.

Musk brought up his mother, Maye, to wish her a happy mother’s day.

“I am excited for my Mother’s Day gift. I just hope that it’s not Dogecoin,” she told her billionaire son.

“It is. It sure is,” laughed Musk, with a beaming smile on his face.

The price of Dogecoin was at around $0.70 before Musk started hosting the show, but after the mention dropped by as much as 24 per cent to $0.49.

The price in Dogecoin has spiked massively over the past month, and stood at just $0.05 in April and Musk has coined himself “The Dogefather” on Twitter.

Dogecoin traders were reportedly set to watch SNL to see if his appearance would be a market-moving event, according to Bloomberg.

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