Dogecoin Sees 'Sell the News' Reaction to Musk's SNL Appearance, as 'Hustle' Comment is Weighed Against Launch 'To the Moon'

May 10, 2021 8:17 AM EDT

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Dogecoin saw a sell-the-news reaction to Elon Musk's, aka 'The Dogefather', appearance on SNL over the weekend. After jumping to over $0.70 into the appearance, the meme-based cryptocurrency is now trading at $0.51.

In a classic Wall Street 'sell-the-news' reaction, an asset runs up ahead of an expected event and then sells-off as the event occurs.

In an SNL 'Weekend Update' clip, hosts Colin Jost and Michael Che were asking fictional cryptocurrency expert Lloyd Ostertag, played by Musk, "so what is dogecoin?". After trying to technically explain the cryptocurrency, Ostertag finally admitted "it's a hustle."

However, in a potential ad-lib moment, Musk went out of character and said "to the moon" with a rocketship hand gesture. Following, the appearance, Musk, and his SpaceX announced they will actually take Dogecoin "to the moon."

SpaceX announced it will launch the "DOGE-1 Mission to the Moon" in the first quarter of next year.

"SpaceX launching satellite Doge-1 to the moon next year – Mission paid for in Doge – 1st crypto in space – 1st meme in space", Musk said in a tweet.

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