Dogecoin plummets during Elon Musk's 'Saturday Night Live' hosting gig as Robinhood experiences issues

Miley Cyrus Elon Musk SNL — Miley Cyrus was the musical guest on "SNL," while Elon Musk hosted.
NBC/Getty Images

The value of the cryptocurrency Dogecoin fell during Elon Musk's episode of "Saturday Night Live."
At the same time, Robinhood tweeted that its app was experiencing difficulties with trading.
Robinhood declined to comment on whether the difficulty was due to changes in trading during "SNL."
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Dogecoin's stock price fell during billionaire Elon Musk's appearance on "Saturday Night Live" on May 9.

The cryptocurrency, which started as a joke in 2013 but recently gained popularity with Musk's vocal support, fell to about $0.5 around 12:30 a.m. early Sunday morning, according to Coindesk, but the price steadily picked up as the show went on.

Musk touted Dogecoin during his appearance on the show's "Weekend Update" sketch, saying the cryptocurrency would "take over the world" and calling himself the "Dogefather."

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 issues with crypto trading," Robinhood tweeted during Musk's performance. "We're working to resolve this as soon as possible."

-Robinhood Help (@AskRobinhood) May 9, 2021

Robinhood told Insider that the platform's crypto-trading was "back up and running" about 30 minutes after it first reported difficulties. Robinhood declined to comment on whether the issues were tied to the "SNL" performance.

-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 more than a 12,000% year-to-date rally, and spiked the week prior to Musk's hosting gig on "Saturday Night Live." The Reddit group Wall Street Bets, which cheered an unlikely rally of GameStop stock earlier this year, has also championed Dogecoin.

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