Elon Musk and SNL Are Sending Dogecoin Prices to the Moon

This weekend, tech billionaire Elon Musk is set to host Saturday Night Line, granting him entrance into a small but lively club of obscenely wealthy and politically divisive non-actors that includes Steve Forbes, Rudy Giuliani and the former host of The Apprentice.

Musk—whose gaffe-prone history of spreading misinformation and internet bullying often overshadows his innovations with Tesla and SpaceX—has proven a controversial choice to host among viewers and cast members. But there’s one group that's beyond excited with the 30 Rock debut of X Æ A-12’s dad: Dogecoin investors.

To the uninitiated, Dogecoin was launched in 2013 to parody the very idea of cryptocurrency. Adopting the face of Doge—an awestruck Shiba Inu heavily circulated in memes at the time—the joke currency was initially valued at $0.00026. In recent months, though, Doge has surged. As of publishing, it was valued at $.65 and climbing, making theoretical millionaires out of early investors.

Much of Dogecoin’s current success is credited to Twitter mentions by wealthy influencers. Shark Tank star Mark Cuban was an early adopter, even allowing it to be used for Dallas Mavericks tickets and merchandise. And Musk has repeatedly championed the cryptocurrency, seemingly upping its value with each tweet.

Now, investors are banking that Musk’s hosting gig—and the inevitability of a cast member being trotted out dressed as Doge—could send the crypto to record high. Musk has claimed he will put a Dogecoin “on the literal moon." Getting it on SNL is all but certain. 

Confused? We all are, especially in a year that saw the rise of Gamestock “stonks” and the emergence of non-fungible tokens, both of which were so prominent that SNL itself saw fit to offer up comedic explainers.

But even if you haven't a clue about crypto and its relation to Japanese dogs, the memes have been coming fast and weird across Twitter.

Some have imagined Musk’s “on the literal moon” quote literally.

Others are forecasting that the meteoric rise of the crypto will eventually hit a dollar, essentially breaking the traditional market....

... and urging others not to sell their investments.

While others are taking the opportunity to get weirder...

... and weirder....

... and weirder still. 

Regardless of your feelings about Musk’s hosting gig, there’s no doubt that the stunt casting is a rebuttal to the cliche “SNL is no longer relevant” argument. And if true believers are right, , the crypto might just might blow right past the moon this weekend.