The punchline: Elon’s hosting gig on Saturday Night live wiped $50 billion off of Dogecoin’s market cap in a single session.
The setup: That’s going to take longer to explain.
For those of you visiting us from outer space, Saturday Night Live is a nearly 50 year old show which, at times, has been the hysterically funny touchstone of American culture, and at other times, has been a wretched bore. I’ve watched the show countless times, and know everything there is to know about its history, but I stopped watching it a very long time ago. Having seen last night’s episode, I feel no sting of regret.
Elon Musk, the zillionaire founder of Tesla and SpaceX, was the inexplicable host last night, and given his endless pumping of the Dogecoin currency, the general feeling among the bubble-headed millennials was that the smart move was to buy up as much Dogecoin as they could afford and – in their own endlessly-repeated words – ride the profits “to the moon” as DOGE exploded to God-knows-how-high a price.
(more…)
