Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk suggested Sunday that meme cryptocurrency Dogecoin (DOGE) as a topic will “definitely” feature in his “Saturday Night Live” appearance on May 8.
What Happened: Musk had taken to Twitter, seeking sketch ideas for his upcoming appearance on the show.
A Twitter user suggested, “Summin about the Dogefather,” to which Musk replied “Definitely.” The Dogefather is a mix of Dogecoin and “The Godfather.”
— Elon Musk (@elonmusk) May 1, 2021
Dogecoin has fallen 1.3% in the past 24 hours and is trading at $0.3822 at press time, after briefly crossing the 40 cents mark.
Last Wednesday too, Musk had hinted about Dogecoin featuring on his SNL episode. Following his hint, the cryptocurrency surged to a 24-hour high.
Musk will be the host on “Saturday Night Live” on May 8. The show airs on NBC, owned by Comcast Corporation (NASDAQ:CMCSA), with replays available on streaming services Hulu and Peacock.
Musk will join musical guest Miley Cyrus, who will make her sixth appearance on the show. The show hosted by Musk is expected to bring fans to “SNL” who have never tuned in for the weekly show.
Why It Matters: Musk is a big supporter of Dogecoin, while his electric vehicle company has invested heavily into Bitcoin (BTC). His tweets regarding Dogecoin sometimes have an overwhelming impact on the price of the meme cryptocurrency. Tesla’s recent first-quarter earnings report showed that the electric vehicle maker’s investment in Bitcoin helped to boost its profits.
The SNL show airs outside of the trading hours for Tesla shares. However, the shares could see a reaction on Monday, May 10, when the market resumes trading. Dogecoin, in contrast, can be traded throughout the show.
The Shiba Inu-themed cryptocurrency skyrocketed to hit an all-time high of $0.4377 on April 16, lifted by social media buzz.
Dogecoin is now the sixth-largest cryptocurrency by market cap, as per CoinMarketCap data.