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Dogecoin crashes after Elon Musk calls it a hustle on ‘SNL’

Dogecoin declined during Elon Musk’s appearance on Saturday Night Live, where the 49-year-old billionaire called the digital asset “a hustle.”

As far as market value is concerned, cryptocurrency is the fourth-largest, reaching a record above 73 cents on May 8, before dropping as low as 51.4 cents during the show.

It dropped to 23 percent over the past 24 hours to nearly 55.6 cents as of 12:56 PM in Hong Kong, according to CoinGecko. Musk, who described himself as the first person with Asperger’s to host the show, was repeatedly asked during the Weekend Update segment to explain what Dogecoin is.

After divulging a myriad of details about the cryptocurrency like a financial expert, he was asked if Dogecoin was a “hustle.” He responded, “yea, it’s a hustle.”

Musk had helped drive the coin to new heights on Friday and Saturday after tweeting a picture of himself and a Shiba Inu on the set of the iconic NBC show.

There was a reference to Dogecoin during the opening monologue where the Tesla CEO was joined by his mother Maye Musk on stage. The author said she was excited about her Mother’s Day gift, and hoped it is not Dogecoin, to which Musk responded, “it is.”

Musk adopted the character of a financial adviser in the Weekend Update segment, trying to explain the concept of cryptocurrency. 

However, the other guest, Miley Cyrus didn’t seem to be taking Musk’s obsession with the coin too seriously.

Bitcoin retreated over 1 percent to around $58,000 after Musk said Dogecoin is a hustle. In Feb., Tesla Inc announced that it had bought $1.5 billion of Bitcoin, and Musk himself has spoken about the digital asset in favorable terms.

Cryptocurrencies are “promising, but please invest with caution,” he tweeted on Friday. The tweet included a link to a video that showed him talking about the advantages of crypto, particularly Dogecoin.

Sana Khan

Sana Khan

Product of the '90s.

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