Elon Musk's funniest moments on 'SNL' 1:49
(CNN) -
Investors gambled correctly: Elon Musk mentioned dogecoin on "Saturday Night Live" (SNL) during his opening monologue.
Well actually, her mother did.
Maye Musk appeared at the end of her son's monologue, best known as the CEO of Tesla, on “SNL” to ask him about his Mother's Day gift.
"I am excited about my Mother's Day gift," said Maye Musk.
"I just hope it's not dogecoin!"
"It is," Elon Musk replied.
It sure is.
Elon Musk kicked off 'SNL' by telling his mom he's giving him dogecoin on Mother's Day
After increasing the value of the cryptocurrency in the run-up to Musk's appearance on “SNL,” investors sold dogecoin heavily after the Musks discussed the virtual currency on the show.
advertising
Dogecoin fell 40% to $ 44 cents early Sunday.
In contrast, the cryptocurrency began trading at about $ 70 cents on Saturday and was selling for about $ 66 cents just before “SNL” went on the air at 11:30 pm ET.
Cryptocurrencies are quite volatile, and dogecoin is no exception this year.
It is up more than 12,000% since January and has gained 800% this month alone.
Likewise, Musk is the most visible and prominent supporter of dogecoin.
He frequently tweets about cryptocurrency, and just one of his strange tweets to his 50 million followers can make dogecoin go up.
Regarding the above, an example is what happened in April, when Musk tweeted "Doge barking at the moon" and shared a photo of a painting by the Spanish artist Joan Miró, which is titled "Dog barking at the Moon."
Dogecoin: a joke that is not anymore
What is dogecoin, the prank cryptocurrency that became more attractive than bitcoin?
Dogecoin started in 2013 as a joke - a nod to the 'doge' meme that was all over the internet at the time.
However, the “joke” tag is long gone: it is now the world's fifth-largest cryptocurrency, with a market value of just under $ 70 billion, according to Coinbase.
Both dogecoin and Tesla traded higher before Musk's appearance on "SNL."
Tesla futures were not traded on Saturday night during the show.
It is unclear what was driving the dogecoin sale.
Perhaps investors wanted Musk to say something in support of the cryptocurrency.
But most likely there was some "buy the rumor / sell the news" strategy, trying to capitalize on investor predictions that come true by selling at an all time high.
Dogecoin was so actively listed that Robinhood announced Sunday morning that it was having trouble processing cryptocurrency trades and was working to resolve the issue.
CryptocurrencyCryptocurrencyElon Musk
