Elon Musk, A.K.A the Dogefather

Elon Musk was on Saturday Night Live this past weekend and of course he talked about Dogecoin. As you may or may not know, Elon Musk, the CEO of Tesla, is an avid cryptocurrency fan. And his favorite crypto is of course Dogecoin. I discussed Dogecoin in a previous post. There was such a big buildup whether or not Elon Musk was going to talk about Dogecoin before the show that some casinos in Las Vegas let you bet on if he said it or not.

And of course Elon Musk talked about Dogecoin on SNL. The first mention of it came in his opening monologue where he was talking about getting his mom a birthday present at which time his mother said “I hope it’s not Dogecoin”, and his response was, “It is.” In one skit, Elon was playing a cryptocurrency expert where he tried explaining multiple times was crypto and Dogecoin are, ultimately saying, “it’s a hustle.” All of this was meant as jokes and to be funny, which I personally thought the episode was hilarious, but there were definitely some serious real-world reactions to his appearance.

The price of Dogecoin (DOGE) was steadily climbing all week in anticipation of the SNL episode. The price of Dogecoin started out at $0.39 early Monday morning and reached its peak all-time high of $0.74 on Friday night. The price was expected to reach its peak on Saturday during or after the show. But starting at 11pm on Friday night, the price started dropping.

Dogecoin’s value was fluctuating all day Saturday and finally at the time the SNL episode ended, the price looked like it officially jumped off a cliff. Its price dropped from $0.66 down to $0.46 in just 10 hours. The price has gone up and down since then and is currently trading around $0.45.

The hype around Elon Musk’s SNL appearance was similar to the hype building up to 4/20/21. And like “Doge Day 4/20”, the SNL hype train also culminated in an early fizzle. I personally like the usefulness of Bitcoin and Ethereum, but I struggle to see the value in most altcoins. What are your thoughts on Dogecoin and altcoins in general? Leave me a comment and let me know.

Photo by Vance Alm

Author: vancealm

Working as a manager within two of the largest retail companies for the past 7 years has given me insight into consumer trends and essentially what people are buying on a normal basis. Why is that useful? Because it gives me a better understanding of the established and growing brands and companies that could potentially work to make YOU money. My name is Vance Alm and I am currently working on earning my MBA from the University of Nevada, Reno. I want to talk, teach, and find out more about investing in the stock market. Recently, there has been a lot of news around the stock market, hedge funds, and normal retail investors which has reignited the nation’s curiosity about investing their money. A lot of people want to be involved with the excitement of potentially making money by investing in the stock market, but they don’t know how or even where to begin. I want to explore the world of investment banking with you and talk about everything involved, from researching different companies to invest in, to the different online platforms or financial service companies you can use and everything in between. I am not a wealthy hedge fund manager and I am not an expert in the field, but I am passionate about the idea of having your money work for you. I am always learning more on the topic and I want to open the conversation on how to start investing and what companies to potentially invest in.

One thought on “Elon Musk, A.K.A the Dogefather”

  1. Pingback: Weekly Friday Market Wrap Up 5/21/21 – High Finance Thoughts

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