Elon Musk has been quite influential in the crypto world. His company Tesla holds a lot of Bitcoin on its books. More amusingly his tweets about Bitcoin, and more recently the parody coin Dogecoin, have caused major spikes in prices. People bought those coins in a frenzy based on nothing but his tweets.
Last weekend Elon Musk hosted the live-action comedy programme Saturday Night Live. As expected, he was asked about, and he talked about Dogecoin. Instead of the price of the coin further rallying, as was widely expected, it crashed.
Like this article, many others also blamed it on Musk referring to the coin as just a ‘hustle’.
But this person on Reddit mapped the price of Dogecoin throughout the SNL episode (which airs live). It shows that the price fell long before the ‘hustle’ reference:
If anything, the price fell because there were essentially no references to the coin until nearly 45 minutes into the show – after which the price in fact (belatedly) recovered.
I find it very interesting that someone took the trouble of mapping the highlights of the SNL episode to the minute-by-minute price of Dogecoin. And how fickle the price fluctuations of cryptocurrency are today.