The value of Dogecoin has gone through the floor following Elon Musk's appearance on Saturday Night Live on the weekend, as the billionaire cracked jokes about cryptocurrency.
The power required to continue bitcoin's network across the globe is now equivalent to the energy footprint of Argentina, and one study concluded that if bitcoin was a country, it would find itself as one of the highest 30 countries for electricity consumption. If you've struck gold (so to speak) with cryptocurrency investment, then that's brilliant for you.
However, the environmental impact of the currency is a significant factor, especially as it sees its popularity surge higher and higher thanks to celebrity endorsements. Elon Musk has promoted Dogecoin, which has a symbol of a shiba inu dog, and recently announced that his company Space-X will accept Dogecoin as a viable payment. As its value rose by over 800% during April, elevating it to become the fourth biggest cryptocurrency in the world, I suppose this checks out.
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There's actually a Pokémon-themed cryptocurrency, too, so while you're here why not check out our video on how Twitch Plays Pokémon changed the community?
However, it was Musk's monologue that has caused a massive depreciation in the value of the cryptocurrency, leading to widespread devastation among those who'd invested. "I don't always have a lot of intonation or variation in how I speak... which I'm told makes for great comedy," said Musk in his opening monologue. "I'm actually making history tonight as the first person with Asperger's to host SNL." Dan Aykroyd, known for his roles in The Blues Brothers, Driving Miss Daisy, and Trading Places, has Tourette's and Asperger's and hosted SNL in 2003. A strong start, to be sure.
As it was Mother's Day in the U.S., Maye Musk was welcomed on stage in one part. "I'm excited for my Mother's Day gift. I just hope it's not Dogecoin," she joked, and when her son confirmed it, she put on a disappointed face. Later, when he was asked what Dogecoin is, he replied that it is a "hustle" and he yelled "to the moon"- a phrase used by investors that mimics the potential success of a cryptocurrency and tries to convince others to join them.
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Problematically, it appears that Musk's comments has driven the value of Dogecoin to a new low. It fell by 35% to $0.47 after his performance, and reports state that though it has oscillated since then, it hasn't recovered to the comparative high from Saturday. In spite of this, the Dogecoin subreddit is thrilled with his appearance. "You ever hear the saying 'there's no such thing as bad publicity'? Yeah, it's true, and that bit was far from bad publicity," said GanakaMoggallana. "Don't even worry about exactly what he said...it was more than enough to get a lot of people very interested in Dogecoin." I guess that last bit is correct.
Featured Image Credit: Pixabay via Pexels, SNL via TwitterTopics: News