The price of Dogecoin plummeted by about 25% on Saturday few minutes into the highly anticipated Saturday Night Live (SNL) show.
According to data by Cryptocompare, just five minutes before Elon Musk debuted on the show, the meme coin was trading around $0.67 dollars. However, 45 minutes into the show, the price of Doge quickly fell as low as $0.49. There was a lot of hype before the show and majority of the Doge community members were expecting the Dogefather to further promote the meme coin like he had done prior to the show.
While Elon Musk did say a lot of positive things about Doge, tipping the currency as the future of currency, and claiming it will overtake the world, he however called Doge a ‘hustle’. This term used by Musk to classify Doge came as a surprise to many Doge fans and this may have contributed to the huge sell-off.
Grayscale CEO Advises Doge Holders to Invest in BTC
Barry Silbert’s tweet on the other hand may have influenced the dump in the price of Dogecoin more than Musk did. Silbert, the owner of Grayscale investments made it known in a tweet, several hours before the show that he would be shorting Doge.
He made this statement while stylishly trolling newbies who purchased Doge because of the hype.
Okay $DOGE peeps, it's been fun. Welcome to crypto!
But the time has come for you to convert your DOGE to BTC[disclosure: we've gone short DOGE via https://t.co/s8Qde2Ub4Z]
— Barry Silbert (@BarrySilbert) May 8, 2021
He advised Doge enthusiasts to convert their coins to the more stable BTC. Later on, he also made a bet, claiming he is willing to giveaway $1 million to support Bitcoin crypto education if Dogecoin hits $1 by the end of May.
Dogecoin Causes Robinhood to Crash, Again
The saga that occured between the big names in the crypto ecosystem had a telling effect on the Robinhood app. The huge sell-off that came as a result of Silbert’s tweet and during the SNL show caused the app to experience technical issues. This is not the first time the Robinhood app will be experiencing a down-time as a result of high traffic. During the month of April, the app experienced similar difficulties as a result of high demand for Doge.
Interestingly, their technical team was able to resolve the issue during the course of the show. Robinhood also assured its users that they are working hard to provide a smooth experience and will monitor the situation closely.