You Can Bet on Elon Musk Talking Dogecoin on SNL
There has been plenty of speculation over whether Elon Musk will use this weekend’s appearance as the host of long-running TV show Saturday Night Live (SNL) to promote Dogecoin, the Tesla and SpaceX CEO’s favorite cryptocurrency to tweet about. And if you feel strongly about the chances of that, now you can bet on it—literally.
Online sportsbook MyBookie has unveiled odds on whether or not Musk will mention DOGE during Saturday Night Live, and is taking bets in both directions. MyBookie currently lists odds of -500 that Musk will discuss DOGE, and +900 that Musk will not mention the meme coin.
If you bet $100 for Musk talking about DOGE, then you would make $20 if he does. On the other hand, betting $100 against it could earn you a cool $900 if he abstains from discussing DOGE.
That’s not the only wager in play, either. A related wager lets you bet on whether the price of DOGE will hit $1 by Monday, May 10, following the airing of Musk’s SNL appearance. The current odds are +145 for Yes and -190 for No, which means a $100 bet on Yes would earn you $145 if DOGE’s price hits that mark, while the same bet on No would earn you $52.63 if it doesn’t.
ELON MUSK. MILEY CYRUS.
THIS SATURDAY pic.twitter.com/6miGBj90XJ
— Saturday Night Live – SNL (@nbcsnl) May 7, 2021
Hitting $1 per coin has long been a target for the Dogecoin faithful, although it seemed nearly impossible before 2021. However, the coin has risen from under $0.01 in January to an all-time high of $0.64 set earlier this week on May 4, according to Nomics, although other sources have listed a high of nearly $0.69. As of this writing, Nomics reports that the current price of Dogecoin is just off its high mark, sitting above $0.63 per coin.
Musk’s frequent, meme-tinged tweets about Dogecoin have reliably caused the price of the “joke” cryptocurrency to rise, and he has tweeted out teases that it will feature in his SNL gig. Last week, he tweeted out the words “The Dogefather” and “SNL May 8,” and the price quickly jumped in the hours thereafter.
In fact, DOGE is up more than 100% since then, although it’s unclear how much Musk’s social media activity has impacted the longer-term gains. Musk isn’t the only prominent billionaire singing the praises of Dogecoin these days, either. Investor and Dallas Mavericks owner Mark Cuban is also big on DOGE, and told Decrypt during this week’s Ethereal Summit that he believes Dogecoin will reach $1 and ultimately act more like a stablecoin.
Dogecoin fans previously tried to pump the price of the coin to $1 on the so-called “Doge Day” on April 20, but the influencer-led campaign backfired: the price dropped 20% from the previous day. Still, some think that Musk’s SNL spot will bring Doge Day redemption—and if you believe that, then there’s now more than one way to put your money where your mouth is.