The price of the cryptocurrency dogecoin plunged overnight as Tesla’s CEO Elon Musk hosted Saturday Night Live (SNL).
His backing of dogecoin had been a rallying point for the doge community, who had been eagerly anticipating his appearance, but dogecoin holders who had hoped his mention of the digital currency on national TV would boost its price toward $1 were left disappointed. After peaking around 70 cents just before SNL aired, dogecoin prices slumped to 47 cents when the show started, before recovering at around 55 cents.
The online trading platform Robinhood was overwhelmed by crypto traders, crashing briefly.
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