He’s the ever-so-slightly eccentric billionaire whose fondness for Dogecoin has helped to send it soaring on a skyhigh price rally.
Now Doge fans are worried that Elon Musk’s appearance on Saturday Night Live will send the canine cryptocurrency anywhere but “to the moon”.
Forums and social media are ablaze with wild rumours that Elon will use his SNL gig to tell the world about Dogecoin, which hit a record high of more than $.58 and celebrated the milestone of reaching one million Twitter followers.
However, it’s feared that the SNL publicity boost for Doge could cause an unsustainable price rally and subsequent crash, wiping out new investors’ savings and rocking wider confidence in crypto.
One analyst said it was extremely likely that Elon would get involved in some sort of crypto-related stunt when he stands in as host of SNL on May 8.
“Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live. Also known as the Dogefather, Musk will undoubtedly have a sketch on cryptocurrencies that will probably go viral for days and further motivate his army of followers to try to send Dogecoin to the moon.“
On Reddit, reflections on the possible significance of Musk’s hosting of SNL were less muted.
One Reddit user made the unsubstantiated and false claim that Musk and SNL were involved in some sort of complex Dogecoin investment strategy.
“Put on your tin hats people,” he wrote before making some strong and slightly strange claims which cannot be published for very obvious legal reasons.
“Do you have any hope that there will be some educational value in Elon Musk’s Saturday Night Live appearance?” asked one hopeful Reddit user called Excalibug.
“Wouldn’t it be great if he and the writers of the show could explain significance and real world uses of blockchain (apart from making people rich overnight)?”
Not everyone was optimistic.
“Calling it now,” replied CryptoBumGuy.
“Musk won’t say anything about Doge and the price will have a sharp dip.”
Others warned that an Elon Musk Doge shoutout would cause a boom and bust which would send reverberations throughout the crypto economy.
“When Doge crashes, investors that actually thought Doge had potential and wasn’t just a meme are going to hurt the industry. They will take this L and make it seem all crypto is like Doge.
“This could lead to a huge crash for the entirety of the crypto market. Ignorant investors will kill us all.“
Reddit user JinToxi