Elon Musk’s SNL appearance bursts Dogecoin bubble

Never before has the strength of a joke been tied to the fate of a financial market so strongly as it was this Saturday evening with Elon Musk’s celebrity hosting of Saturday Night Live.

Dogecoin has been taking the spotlight recently due to the heroic rise of what started as a ‘joke’ cryptocurrency. Spurred by media moguls, such as Mark Cuban’s appearance on Ellen, spruiking the strength of Dogecoin as a long-term investement option, we saw Dogecoin rise 1100% in the last month alone from 0.061USD to north of 0.71USD.

Elon Musk also jumped into the Dogecoin media ring. Just over a week before Elon’s SNL appearance, he tweets in support of the already skyrocketing Dogecoin ‘The Dogefather — SNL May 8’. The trading bots spur to life and drive Dogecoin even higher.

The potential impact Elon Musk’s tweets has on financial markets was proven during Signalgate, when after mobile messaging app WhatsApp changed their privacy policy, Elon simply tweeted the words “Use Signal”, encouranging WhatsApp users to transition to the Signal messaging app due to it’s end-to-end encryption and open source codebase.

The astonishing result of such a simple tweet was to send the stock SIGL to the moon. SIGL…