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Dogecoin's stock price fell during billionaire Elon Musk's appearance on "Saturday Night Live" on May 9.
The cryptocurrency, which started as a joke in 2013 but recently gained popularity with Musk's vocal support, fell to about $0.5 around 12:30 a.m. early Sunday morning, according to Coindesk, but the price steadily picked up as the show went on.
Musk touted Dogecoin during his appearance on the show's "Weekend Update" sketch, saying the cryptocurrency would "take over the world" and calling himself the "Dogefather."
At the same time, Robinhood, the multi-billion dollar stock trading app, said the platform was experiencing issues with crypto-trading.
"Update: We're currently experiencing issues with crypto trading," Robinhood tweeted during Musk's performance. "We're working to resolve this as soon as possible."
Tweet Embed://twitter.com/mims/statuses/1391247108078915588?ref_src=twsrc%5Etfw
Update: We're currently experiencing issues with crypto trading. We're working to resolve this as soon as possible. For the latest updates, check https://t.co/ZS733G6N1J
Robinhood told Insider that the platform's crypto-trading was "back up and running" about 30 minutes after it first reported difficulties. Robinhood declined to comment on whether the issues were tied to the "SNL" performance.
Tweet Embed://twitter.com/mims/statuses/1391254835232604160?ref_src=twsrc%5Etfw
Crypto trading is back up and running. Due to high trading volume and volatility, some customers might see some intermittent issues. We're working hard to provide a smooth experience, and will monitor the situation closely. Check https://t.co/ZS733G6N1J.
Dogecoin was originated in 2013 by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer.
This year, Dogecoin has had more than a 12,000% year-to-date rally, and spiked the week prior to Musk's hosting gig on "Saturday Night Live." The Reddit group Wall Street Bets, which cheered an unlikely rally of GameStop stock earlier this year, has also championed Dogecoin.
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See Also:
- Elon Musk calls the meme-crypto Dogecoin the 'future of currency,' predicts it will 'take over the world' on 'SNL'
- Elon Musk is only the second billionaire CEO to host Saturday Night Live — after Donald Trump
- A fraud tracker says verified Twitter accounts were taken over to send bitcoin spam to Elon Musk's followers, ahead of his 'SNL' appearance
