Saturday Night Live (SNL) has remained a cultural institution for over 45 years, known for its biting satire, iconic characters, and memorable catchphrases. As the world has changed, the show has changed with it, reflecting many of the latest trends and pop cultural phenomena in its sketch comedy. And in recent years, one trend that has become impossible to ignore has been the rise of cryptocurrencies and NFTs. From Bitcoin and XRP to Dogecoin and Trump NFTs, SNL has referenced the sometimes confusing and always volatile world of crypto with its trademark wit and humor.

The intersection of comedy and crypto might seem like an odd pairing, but it's proven a match made in heaven for the SNL writers and cast. After all, SNL has always been at the forefront of cultural commentary, skewering politicians, celebrities, and anyone or anything else that captures the public's attention. And as crypto has increasingly made its way into the mainstream, it's only natural that SNL has at times taken notice and turned it into comedic fodder.

So without further ado, here are the all-time top three SNL crypto moments. These sketches and segments showcase the show's ability to turn the often-complicated world of crypto into hilarious and relatable material, proving that even the most esoteric topics can be made accessible through the magic of comedy.

1.) Season 46, Episode 18 (May 8, 2021) - Weekend Update: Elon Musk Talks Dogecoin

Elon Musk famously hosted Episode 18 of SNL’s Season 46. Here he appears on Weekend Update to discuss Dogecoin, the meme-inspired cryptocurrency that he has promoted on Twitter. Playing fictional financial expert Lloyd Ostertag, Musk calls Dogecoin the "future of currency" and “an unstoppable financial vehicle that’s going to take over the world,” while also begrudgingly referring to it as “a hustle.” The value of Dogecoin skyrocketed in anticipation of the episode, and then quickly crashed right after it aired. But what has been the larger link between Dogecoin and Elon Musk?

Elon Musk has been a vocal supporter of Dogecoin since early 2021. He has frequently tweeted about the cryptocurrency, which started largely as a joke in 2013 but has since amassed a dedicated following. Although Musk's tweets about Dogecoin have often consisted of memes and jokes, they have nonetheless had a significant impact on its price.

Beginning in February 2021, Musk began tweeting about Dogecoin much more frequently, causing the price to surge. On February 4, he tweeted "Dogecoin is the people's crypto" and "No highs, no lows, only Doge”; later in the month, he tweeted that he had bought some Dogecoin for his son, which led to another price increase.

Musk's tweets continued to impact the price of Dogecoin throughout the rest of 2021. For example, in May 2021, he tweeted that he was working with Dogecoin developers to improve its transaction efficiency, causing the price to surge once again. Musk has made countless other comments about Dogecoin during interviews and on social media along the way, which have also affected the price.

Overall, Musk's continuing influence on Dogecoin's price highlights not only the power of social media but also the larger sway that influential figures can exert on the cryptocurrency space. Musk’s Saturday Night Live hosting stint (and the price action of Dogecoin before and after) will go down not only as a memorable moment in the show’s comedic history but a seminal one for the crypto space as well, during which crypto and pop culture collided in unexpected ways.

2.) Season 46, Episode 15 (March 27, 2021) - NFT Rap

Musical guest Jack Harlow and cast members Pete Davidson and Chris Redd teamed up in this skit for a parody rap about NFTs via Eminem’s “Without Me,” with Kate McKinnon as Treasury Secretary Janet Yellen. The sketch pokes affectionate fun at the idea of digital ownership and the absurdity of buying and selling things that have no physical presence. Davidson and Redd deliver some outrageous lyrics as they rap about a series of increasingly ridiculous NFTs both real and imagined, before Jack Harlow’s verse provides a surprisingly cogent description of the technology. A larger question, though, might be how and why did, say, images of cats and other seemingly random cultural content somehow come to be worth millions?

As NFTs have become an increasingly hot topic in both the crypto world and the art world, their prices have subsequently skyrocketed. Several reasons for this ongoing phenomenon come to mind, but let’s examine three essential factors that have driven their valuation growth over time.

First, NFTs are unique and verifiable digital assets that provide a sense of ownership and exclusivity. Unlike physical collectibles, NFTs are easily transferable, have transparent ownership records, and cannot be replicated, making them highly valuable to certain collectors.

Next, the larger growing popularity of blockchain technology itself has contributed to the rise in NFT prices. Blockchain offers a secure and decentralized technology that allows for the creation and transfer of NFTs. This provides a high level of transparency, making it possible for buyers and sellers to verify the authenticity of NFTs. As more people have continued to adopt blockchain, the demand for NFTs has increased, leading to higher prices.

Finally, the emergence of high-profile NFT sales and other celebrity endorsements has helped drive up prices. In 2021, an NFT artwork (Everdays: The First 5000 Days) by digital artist Beeple sold for a then-record-breaking $69.3 million at Christie's auction house. This sale, along with several other highly publicized NFT transactions, has brought NFTs to the attention of a wider audience and contributed to the perception of them as valuable assets.

In addition, the endorsement of NFTs by celebrities like Elon Musk and Mark Cuban has further fueled interest in the market. But what about the influence of satire, in particular the sort that Saturday Night Live directed at the NFT space?

Following the SNL skit, a brief dip in the prices of some NFTs occurred, particularly those directly related to digital art. Although difficult to determine, the dip was likely due in part to the SNL skit's take on the hype surrounding NFTs and may have caused some investors to question the inherent value of NFTs.

However, the impact of the SNL skit on NFT prices proved relatively short-lived. The NFT market remains fueled by a variety of competing factors, including the underlying asset, the artist or creator, and the broader market trends. While the SNL sketch may have exerted a temporary effect on some NFT prices, the overall demand for NFTs nonetheless remained strong in the months that followed.

In fact, certain NFTs continued to sell for extremely high prices throughout the rest of 2021, including a digital artwork (The Merge) by pseudonymous artist Pak, of which 266,445 shares were sold to 28,000 separate investors, for a total of $91.8 million—making it the most expensive NFT sold to date.

3.)Season 48, Episode 9 (December 17, 2022) - Trump NFTs

In this recent cold open, James Austin Johnson portrayed former President Donald Trump as he introduces his own line of NFTs (which he calls “nifties… because they’re so neat”) in a sketch that pokes fun at not only NFTs and Trump but also the larger trend of celebrities and politicians entering the crypto space. Johnson’s Trump delivers some memorable lines (“seems like a scam and in many ways it is”) in his attempt to capitalize on the hype surrounding NFTs. But how close was the comedic commentary to the reality of how the Trump administration had actually viewed crypto and by extension the burgeoning NFT market?

Throughout the Trump administration, there remained plenty of uncertainty surrounding the government's stance on cryptocurrencies. While the administration did not take any concrete actions to regulate or restrict cryptocurrencies, there were some indications along the way of its opinions on the matter.

One of the main concerns expressed by the Trump administration related to the potential use of cryptocurrencies for activities such as money laundering and terrorism financing. In a speech in July 2019, Treasury Secretary Steven Mnuchin had stated that he was "very concerned" about the use of cryptocurrencies for illicit purposes and that the administration would be taking steps to protect the financial system from such.

Meanwhile, some members of the Trump administration were more positive about the potential of cryptocurrencies and blockchain technology. In September 2019, for example, former acting White House Chief of Staff Mick Mulvaney spoke at a blockchain conference, where he praised the potential of blockchain technology and noted that the government was "very interested" in exploring its uses.

Overall, the Trump administration's stance on cryptocurrencies was mixed, with some officials expressing concerns about the potential risks associated with these assets, and others acknowledging their potential benefits. And of course, for better or worse, Trump has since entered the NFT space himself.

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Saturday Night Live has always served as a reflection of our cultural moment, and the rise of cryptocurrencies and NFTs has increasingly landed on the show’s comedic radar, from XRP to NFTs. As these topics continue to capture public attention, it's likely that we'll see even more SNL skits and segments that reference crypto moving forward. Whether mocking Elon Musk's Twitter habits or riffing on the latest NFT craze, SNL has proven time and again that it will continue to keep its finger on the pop cultural pulse.

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