'Dogefather' Elon Musk tries to explain cryptocurrency on Saturday Night Live as real price of Dogecoin drops during his monologue
No, but really, what is Dogecoin?
Tesla boss Elon Musk attempted to explain away the internet's cryptocurrency obsession during an appearance on Saturday Night Live's Weekend Update. One of the few guest hosts to join Colin Jost and Michael Che at the desk, Musk was introduced as "Financial Expert Lloyd Ostertag."
"Thank you, Michael. Call me the Dogefather," Musk told Che — to a lot of applause from the live studio audience.
The Weekend Update bit saw Che asking what dogecoin was, followed by Musk providing a series of detailed answers about the cryptocurrency. Jost even got in on the joke, asking the exact same question (because like, seriously what is Dogecoin?), and Musk offered another complex answer. Finally, he offered something simple.
"I keep telling you, it's a cryptocurrency you can trade for conventional money," Musk settled on.
"Oh, so it's a hustle," Che said.
"Yeah, it's a hustle!" Musk admitted.
In fact, the price of Dogecoin actually dropped while Musk was on air -— from about $0.55 to $0.50. It got back to about $0.56 as the show ended. Additionally, the trading app Robin Hood experienced trading issues related to cryptocurrency while Musk was on the show, though issues were quickly resolved.
Various Dogecoin watchers on social media joked about the cryptocurrency's changing value while Musk hosted.