It’s no secret meme cryptocurrency Dogecoin (CRYPTO: DOGE) fell sharply after Tesla Inc (NASDAQ:TSLA) CEO Elon Musk's performance hosting "Saturday Night Live" on May 8, 2021.
But how much could opportunistic traders have made shorting the crypto during the show?
The May 8 episode of "SNL" was expected to feature Dogecoin heavily and Musk was not shy in bringing the topic front and center.
Musk appeared as Lloyd Ostertag, financial expert, on the "Weekend Update" portion of the show to speak about cryptocurrencies with Michael Che.
After first asking to be called the "Dogefather" (a moniker he has used on social media), Ostertag and Che begin a discussion when Che asks what cryptocurrencies are. Here’s the full recap of the dialogue.
See Also: How To Short Dogecoin
Despite the shout-outs by Musk, it turns out shorting Dogecoin using $10,000 at its May 8, 2021 intraday peak of $0.74 would have earned investors an impressive return of $8,851.
The $0.740 price level also serves as the all-time high level for the Shiba Inu-themed cryptocurrency, which is now trading 88.51% below those highs at $0.085.
For now, it would appear Musk’s appearance on SNL could serve as a reminder for investors to "sell the news.”
This original version of this article was published in September 2021.
Photo: screenshot of Elon Musk hosting "SNL" courtesy of NBC.
