express– The SpaceX CEO has championed the crypto-currency in recent weeks, with onlookers expecting his appearance on SNL to cause the value of Dogecoin to surge. But trackers showed the value of Dogecoin dropped throughout the weekly broadcast.
According to Coindesk, Dogecoin’s value fell by 35 percent during Mr Musk’s SNL appearance.
It is now around 20 percent lower.
The value of the crypto-currency began to drop sharply at the start of the show, and bottomed out at $0.47 (£0.34) against the dollar.
By Sunday it had recovered slightly, returning to $0.49 against the dollar.
But the weekend before SNL, Dogecoin had surged to $0.68 due to a massive increase in interest from investors.
Mr Musk mentioned Dogecoin throughout his time hosting SNL, with his mother also appearing on the broadcast.
Celebrating Mother’s Day in the US, Mrs Musk joked about a gift she received from her son, and said: “I just hope it’s not dogecoin.”
In another part of the show, Mr Musk praised the crypto-currency as an “an unstoppable financial vehicle that’s going to take over the world”.
Cast member Michael Che also asked the SpaceX CEO if Dogecoin is “a hustle” during the broadcast.
Mr Musk jokingly replied: “Yeah, it’s a hustle.”
Dogecoin, as well as other digit currencies like bitcoin, enjoyed a massive surge in value at the start of the year.
Mr Musk’s favoured crypto, based on an internet meme about a shiba inu dog, climbed a staggering 14,000 percent in value between January and early May.
SpaceX has also announced it will launch a “DOGE-1 Mission to the Moon” at the start of 2022, meaning those who trade with the currency can purchase flights with the crypto.
Mr Musk said on Twitter: “SpaceX launching satellite Doge-1 to the moon next year – Mission paid for in Doge – 1st crypto in space – 1st meme in space.”
Britain’s Financial Conduct Authority (FCA) has previously warned against investing in crypto.
It stated: “If consumers invest, they should be prepared to lose all their money.
“Some investments advertising high returns from crypto assets may not be subject to regulation beyond anti-money laundering.
“Significant price volatility, combined with the difficulties valuing [Bitcoin] reliably, place consumers at a high risk of losses.”
Also posting to his Twitter, Mr Musk urged those possibly interested in Dogecoin to “invest with caution”.
On May 7, Mr Musk tweeted: “Cryptocurrency is promising, but please invest with caution!”
In the tweet, he included a video link to an interview he did with TMZ published back in April.
In the video, he warned: “People should not invest their life savings in cryptocurrency.
“I think that’s unwise.
“Don’t take too much risk on crypto.”