Elon Musk, the ‘Dogefather,’ jokes that the token is a scam when the price sinks below $0.50.

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Though Musk’s mother addressed the token momentarily during the opening monologue of Saturday Night Live, the Tesla CEO followed up with an in-depth look for his Weekend Update episode.

The meme-based cryptocurrency Dogecoin, which Elon Musk often promotes on Twitter, had its moment during the Tesla CEO’s performance on Saturday Night Live, but the shoutouts didn’t send the price skyrocketing.

During his opening monologue on the comedy show, Maye Musk joked with her son that she wished she wouldn’t get any Dogecoin (DOGE) as a Mother’s Day present that weekend. Though the initial mention elicited laughter from the live crowd, Musk’s presence as “financial expert” Lloyd Ostertag on Saturday Night Live’s Weekend Update segment was more in-depth, and followed a 30% decline in DOGE price.

Musk, referring to his character as the “Dogefather,” said rates for Bitcoin (BTC), Ether (ETH), and DOGE had been booming, but he was jokingly unable to address SNL cast member Michael Che’s question on “What is Dogecoin?” The guest dodged and deflected questions about the token’s origins and circulated availability, but ultimately said that DOGE was “about as real” as US dollars and referred to cryptocurrency as a “hustle.”

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Shortly after the opening monologue, the price of DOGE dropped from $0.69 to less than $0.50 for the first time since it reached a half-dollar in early May. Though it recovered partially after Musk’s “Dogefather” segment, the token dropped as low as $0.43 in the last 24 hours and is currently trading at $0.48 at the time of release.

After hinting on Twitter two weeks ago that he would be appearing in a sketch or as a character named the Dogefather, many anticipated Musk’s presence on the comedy show to boost the price of DOGE. Tweets from Tesla CEO and Dallas Mavericks basketball owner Mark Cuban, as well as reports from institutional investors on r/WallStreetBets, may have contributed to substantial price increases in the token this year — the price of DOGE was less than $0.01 on January 1.

Parodies like those on Saturday Night Live which hit a broader audience as elements of the crypto space are reported on mainstream media outlets. In March, the NBC show debuted a rap sketch based on the nonfungible token craze. Furthermore, Beacon Pictures is rumoured to be developing a crypto-themed TV comedy series.

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