Is any chosen form of “money” any more of a “hustle” than another?
Elon’s big night in NYC turned out, not surprisingly, to be less than climactic for the Shiba Inu meme crypto coin DOGE as it was seen sinking during the show and on Sunday. A wise man once said “correlation is not causation” and yet can anyone or anything be responsible for the drop in the high flying cryptocoin other than Elon and his Mom?
In stock market lingo this was what’s known as a “date certain” event. Meaning, the entire world knew that Elon would be on SNL and would, one way or another, mention DOGE, given that he has been endlessly associated with the coin in the media, and it’s a “joke” that has to be told, if only to prove to the SEC that he is really just joking. “Look guys, I am literally on a comedy show talking about this”, he seems to be saying.
“Buy the Rumor, Sell the News”
For good measure, and to avoid scrutiny by the oversight body, he, and the writers at SNL, decided to put a negative spin on both mentions of DOGE during the show. First, in an exchange with his Mom, Maye, Musk sheepishly grins and nods after she says she “hopes it won’t be DogeCoin” referring to her Mother’s day gift.
He eventually capitulates and, after saying that DogeCoin is “about as real as that dollar” he “concedes” that “it’s a hustle”.Elon Musk, as LLoyd Ostertag on Saturday Night Live, May 8th 2021
Later, in a sketch with 100% focus on the crypto coin, the “Weekend Update” segment features Musk playing “Lloyd Ostertag” who calls himself the “DogeFather” – who is asked repeatedly “what is DogeCoin”. He eventually capitulates and, after saying that DogeCoin is “about as real as that dollar” he “concedes” that “it’s a hustle”.
While the bulk of his appearance in the segment does reconfirm and support his actual views, in a smirking and slightly deprecating way, as Ostertag”, it also underscores a deeper truth that cryptocurrencies are “as real as the dollar” (some would say more real). However, in the end, the punchline is a negative way to sweep away all of that, with a nod to Buffet, Munger and the SEC, toeing the line and insuring himself one less courtroom headache.
Was it the Day of reckoning for Dogecoin? Possible but doubtful
As of Sunday, May 9th, DOGE is hovering around .51 cents. The Muskian peak was .74 cents on May 7th. This means that, although there was a decline on the “news” that Musk would not break the SEC rules by blatantly pumping DogeCoin on live national TV, the coin is still up approximately 33% for the week, 734% for the last month and 19,446% for the last year. And, according to Elon Musk, aka Lloyd Ostertag, aka the DogeFather, it is “about as real” as that dollar in your pocket.
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