And the tech mogul did not disappoint his fans by using Dogecoin as a joke in his opening monologue.
Musk brought up his mother, Maye, to wish her a happy mother’s day.
“I am excited for my Mother’s Day gift. I just hope that it’s not Dogecoin,” she told her billionaire son.
“It is. It sure is,” laughed Musk, with a beaming smile on his face.
The price of Dogecoin was at around $0.70 before Musk started hosting the show, but after the mention dropped by as much as 24 per cent to $0.49.
The price in Dogecoin has spiked massively over the past month after it stood at just $0.05 in April. Musk has coined himself “The Dogefather” on Twitter.
Dogecoin traders were reportedly set to watch SNL to see if his appearance would be a market-moving event, according to Bloomberg.
During the Weekend Update segment of SNL, Musk appeared as the show’s financial expert, Lloyd Ostertag, and was asked to explain exactly what Dogecoin is.
“Thank you Michael, call me The Dogefather,” said Musk to Michael Che.
“It (Dogecoin) started as a joke based on an Internet meme but now it has taken off in a very real way,” explained Musk.
Che then repeatedly asked Musk what it actually was, even taking a one dollar bill out of his pocket and waving it at Musk, asking him if the cryptocurrency was even real.
“Its about as real as that dollar,” said Musk.
Colin Jost got in on the action, also asking what Dogecoin actually was.
“It is the future of currency, it as unstoppable financial vehicle that is going to take over the world,” said Musk.
And when he explained that crypto can be traded for cash, Che said, “Oh it’s a hustle.”
“Yeah its a hustle,” said a laughing Musk as he shouted the Dodgecoin phrase of “to the moon.”