Will Elon Musk's SNL Appearance Just Be A 90-Minute 'Infomercial' For Dogecoin?

Will Tesla Inc TSLA CEO Elon Musk's “Saturday Night Live” episode turn out to be a 90-minute infomercial for Dogecoin (DOGE)? So wonders actor and comedian David Spade.

What Happened: Spade, well known for being a cast member of SNL in the 90s, tweeted on Thursday about the coming appearance of Musk on the variety show. His tweet caught the attention of Musk, who simply replied with two laughter emojis.

See Also: How to Buy Dogecoin (DOGE)

I wonder if @elonmusk on #snl will be a 90 minute infomercial for Doge coin. (Buying it as we speak)

— David Spade (@DavidSpade) May 7, 2021

Musk claimed he’s a “wild card so there’s no telling what I might do” in a video tweeted by musical artist Miley Ray Cyrus, who is co-hosting the show with the entrepreneur.

ELON MUSK. MILEY CYRUS.
THIS SATURDAY pic.twitter.com/6miGBj90XJ

— Saturday Night Live - SNL (@nbcsnl) May 7, 2021

Why It Matters: Cyrus and Musk built up the buzz before the show with tweets ahead of the show. Cyrus mentioned the “to the moon” reference in a tweet often used by “Doge Army” or fans of the Shiba Inu-themed cryptocurrency.

@elonmusk I’m down if you are! #MileyAndMusk to the moon! https://t.co/y2KJNAMpE1

— Miley Ray Cyrus (@MileyCyrus) April 29, 2021

Musk replied to a tweet with “Might be something there” which featured him riding a wrecking ball in a fashion similar to 2013 Cyrus’ music video titled “Wrecking Ball.”

This week, DOGE hit an all-time high of $0.695 in anticipation of Musk’s appearance on SNL where he promised to “definitely” bring up “THE DOGEFATHER.” The Dogefather is a portmanteau of DOGE and the cult classic film “The Godfather.” 

DOGE has fallen 17.26% from that high and was trading 7.29% lower at $0.57 at press time on a 24-hour basis. The apex cryptocurrency, Bitcoin (BTC), traded 1.94% lower at $55,972.19.

Price Action: On Thursday, Tesla shares closed 1.1% lower at $663.54 in the regular session and gained 0.22% in the after-hours trading.

Read Next: Could Elon Musk's SNL Hosting Tank Dogecoin Price With Profit-Booking?

Editor's Note: This story earlier carried "NFL" in the headline, instead of "SNL." We regret the error.

Photo by Steve Jurvetson on Flickr