- Elon Musk said Dogecoin, a cryptocurrency that started as a meme, will "take over the world."
- Dogecoin is a cryptocurrency created in 2013 as a joke but has recently been popularized by Musk.
- Musk added on "Saturday Night Live" that Dogecoin was "as real" as a dollar bill.
- See more stories on Insider's business page.
Elon Musk didn't miss a chance to hype the cryptocurrency Dogecoin as "Saturday Night Live" host on May 9.
Multiple times during the show's "Weekend Update" sketch, "SNL" cast members asked Musk, "What is Dogecoin?"
"It's the future of currency," Musk said in response. "It's an unstoppable financial vehicle that's going to take over the world."
Musk added Dogecoin was "as real" as a dollar bill that cast member Michael Che pulled out of his pocket during the sketch.
Dogecoin is a cryptocurrency created in 2013 as a joke and a cheaper alternative to Bitcoin, but it recently shot to fame after Musk, fellow billionaire Mark Cuban, and rapper Snoop Dogg expressed interest in it. Dogecoin jumped as high as 40% the week leading up to Musk's "SNL" appearance. Musk tweeted he was "The Dogefather" during the episode.
Musk also referenced the popular catchphrase "To the moon," popularized by the Reddit group Wall Street Bets. Wall Street Bets was rooting for GameStop stock's unlikely rally earlier in the year. In January, Dogecoin surged 600% following Reddit-mania surrounding GameStop, Insider's Grace Kay reported.
Earlier on Saturday, Musk also joked he bought his mother Dogecoin as a gift for Mother's Day, which was the day after the episode.
"Well break a leg tonight, I love you very much, and I'm excited for my Mother's Day Gift. I just hope it's not Dogecoin," Maye Musk, his mom, said during the episode's opening monologue, to which Elon responded: "It is."