Dogecoin has a wild ride this weekend starting with Elon Musk’s Saturday Night Live (SNL) and ending with Spacex saying it will launch the DOGE-1 mission to the moon. Musk called Dogecoin “a hassle” on the show, but also said that it is “the future of currency” that “will conquer the world”.
Dogecoin is an unstoppable financial instrument that is going to take over the world, Musk said at SNL
The eagerly awaited SNL with Elon Musk and musical guest Miley Cyrus was broadcast last night. During the show, Musk mentioned cryptocurrency and Dogecoin several times.
The first mention came during his monologue when his mother Maye came to see him. “I’m looking forward to the Mother’s Day gift. I just hope it’s not Dogecoin,” she said to her son. The Spacex CEO replied, “It is. It’s safe.”
During SNL’s satirical weekend update segment, Musk returned to the role of a financial expert named “Lloyd Ostertag”. Once he sat down with anchor Michael Che, he said, “Call me the Dogefather,” a term he’d previously used in a tweet.
Che asked the expert: “What are cryptocurrencies?” Musk replied as Lloyd Ostertag:
They are a kind of digital money. But instead of being controlled by a central government, they are being decentralized using blockchain technology. Lately the prices of cryptos like Bitcoin, Ethereum and especially Dogecoin have increased.
However, DOGE did not pump during the SNL show. In fact, according to data from Markets.Bitcoin.com, the price of the meme cryptocurrency fell nearly 30% to around 43 cents before rebounding slightly. The crypto trading app Robinhood also had an outage during this time, possibly due to severe DOGE sell-offs. The company said the outage only lasted less than an hour.
The financial expert Lloyd Ostertag was then asked: “What is Dogecoin?” The Tesla technoking explained, “Well it actually started out as a joke based on an internet meme, but it was taken in a very real way. It was created in 2013 and has 117 billion coins in circulation, of which 113 billion have already been mined. “
However, DOGE’s circulating supply is actually just over 129.53 billion coins, and there is no limit at all to the eventual issuance.
Che was still trying to understand what Doge Coin was, got a dollar bill out of his pocket and said to Musk / Ostertag, “This is a dollar and it’s real,” Musk muttered, “kind of”. Musk then said Dogecoin was “about as real as that dollar,” adding:
It is the future of the currency. It is an unstoppable financial instrument that is about to take over the world.
However, Che still didn’t understand what Dogecoin was and asked what it was again. Musk / Ostertag affirmed: “I keep telling you that it is a cryptocurrency that you can exchange for conventional money.”
Che replied, “Oh, it’s a rush.” Musk then replied, laughing, “Yeah, it’s a hectic pace.” Before the segment ended, the Tesla CEO howled / Ostertag: “To the moon.”
After SNL, Musk’s company Spacex announced it was taking DOGE-1 to the moon in what will be “the first commercial lunar payload in history to be paid entirely in DOGE”. It will “launch” on board a Spacex Falcon 9 rocket.
Do you agree with Elon Musk that Dogecoin is a buzz, but also a currency that will conquer the world? Let us know in the comments below.
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