Dogecoin plunges after Elon Musk mention on SNL

Analysts had expected the Tesla (TSLA) CEO or the “Dogefather” to mention the meme-inspired crypto on SNL and send prices spiking, instead his plug saw the coin crash nearly 25% from $0.69 to $0.48 a few minutes into his stint.

Dogecoin continued to lose its gains from last week on Sunday, currently trading 33% lower to $0.47.

Flagship crypto, Bitcoin (BTC-USD), which has been up and down in recent days and struggling to keep up its record highs, was down 2.2% to $57,894.

Bucking the downward spiral, Ethereum (ETH-USD) — the second largest cryptocurrency — took off on the decline, rising over 11% to record highs of $3,958.

Cryptocurrencies have been gaining more popularity in recent months after a number of financial institutions and well known investors threw their weight behind crypto and blockchain technologies, sending prices skyrocketing.

While this has been great for its prices, it has also put it under the watchful eyes of governments and regulators who want to hone in on the sector amid rising demand.

On Saturday, Bank of England (BOE) governor, Andrew Bailey downplayed the rising value of cryptos.

Bailey said cryptocurrencies have no “intrinsic value” and people who invest in them should be “prepared to lose all [their] money.”

The governor's comments echoed similar warnings from the UK's financial watchdog.

“Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors money,” the Financial Conduct Authority said in January.