Wedbush analyst Dan Ives discussed the impact that Elon Musk's "Saturday Night Live" appearance had on Tesla Inc TSLA and cryptocurrency Monday on CNBC's "Squawk Box."
Ives On Tesla: Three core EV competitors to Tesla advertised within the first 30 minutes of the SNL broadcast, Ives said.
Musk's appearance on SNL further secured his reputation and legacy in the EV space, the analyst told CNBC.
Related Link: Tesla Installs 25,000th Supercharger, Expands Reach To Mount Everest Base Camp
Ives On Crypto: Musk referring to Dogecoin DOGE/USD as a hustle hurt the cryptocurrency a bit, Ives said.
Dogecoin investors did not get the outcome they were anticipating ahead of the broadcast, he said, adding that the cryptocurrency is tied to Musk.
Related Link: Dogecoin Plummets Over 30% After Elon Musk's SNL Appearance
Wedbush is bullish on Bitcoin BTC/USD and cryptocurrency in general, Ives said.
With Bitcoin and Ethereum ETH/USD continuing to consistently move higher, the analyst said the cryptocurrency movement is a trend rather than a fad.
Price Action: Since Musk's SNL appearance, Dogecoin has trended lower, Ethereum has continued to make new all-time highs and Bitcoin has remained relatively flat.
Tesla traded as high as $900.40 and as low as $152.66 over a 52-week period. At last check Monday, the stock was down 4.19% at $644.22.
Photo courtesy of Tesla.
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