Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk on Sunday proposed meme cryptocurrency Dogecoin (DOGE) as a subject will “definitely” be in his “Saturday Night Live” performance on May 8th.
What happened: Musk had gone on Twitter and was looking for sketch ideas for his upcoming appearance on the show.
A Twitter user suggested “Summin about the dog father,” to which Musk replied “Definitely.” Dogefather is a mix of Dogecoin and “The Godfather.”
̵1; Elon Musk (@elonmusk) May 1, 2021
Dogecoin has fallen 1.3% in the last 24 hours and is trading at $ 0.3822 at press time after briefly crossing the 40 cent mark.
Last Wednesday, Musk had also hinted that Dogecoin was featured in his SNL episode. Following his tip, the cryptocurrency rose to a 24-hour high.
Also see: How to buy Dogecoin (DOGE)
Musk will host “Saturday Night Live” on May 8th. The show airs on NBC, which is owned by Comcast Corporation (NASDAQ: CMCSA), with reruns available on streaming services Hulu and Peacock.
Musk will join musical guest Miley Cyrus, who will be making her sixth appearance on the show. The show, hosted by Musk, is expected to bring fans to “SNL,” which has never tuned in to the weekly show.
Why it means: Musk is a big supporter of Dogecoin, while his electric car company has invested heavily in Bitcoin (BTC). His tweets regarding Dogecoin sometimes have an overwhelming impact on the price of meme cryptocurrency. Tesla’s latest quarterly earnings report showed that the electric vehicle maker’s investment in Bitcoin helped boost its profits.
The SNL show airs outside the trading hours of Tesla shares. The stock could, however, see a reaction on Monday, May 10, when the market resumes trading. Dogecoin, on the other hand, can be traded throughout the show.
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