Cryptocurrency

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

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Dogecoin
  • •Dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before the show
  • •Dogecoin has jumped quite 800% over the last month and is now the fourth-largest digital currency, consistent with CoinGecko.com

The value of dogecoin dropped sharply in early U.S. hours on Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a ‘hustle’ during his guest-host spot on the “Saturday Night Live” comedy sketch television program.

Dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before the show.

The billionaire Tesla Inc chief executive hosted the show at 11:30 p.m. EDT on Saturday (0330 GMT on Sunday).

Cryptocurrency enthusiasts had for days been wanting to see what he would say, after his tweets, this year turned the once-obscure digital currency into a speculator’s dream.

Asked ‘what is dogecoin’, Musk replied, “It’s the longer term of currency. It’s an unstoppable financial vehicle that’s getting to take over the planet .”

When a show cast member Michael Che countered, “So, it is a hustle?”, Musk replied, “Yeah, it is a hustle.” And laughed.

Musk is that the rare business mogul to possess been asked to host the venerable comedy television program. The timing puts Musk back within the spotlight even as Tesla’s stock is losing steam following last year’s monster rally.

The unconventional CEO has posted numerous comments about cryptocurrencies on Twitter and criticized regular old cash for having negative real interest rates.

“Only a fool wouldn’t look elsewhere,” he said in February.

His cryptic tweets “Doge” and “Dogecoin is that the people’s crypto” that month began a rally in dogecoin – created as a parody on the more mainstream bitcoin and ethereum.

On Thursday, Musk tweeted: “Cryptocurrency is promising, but please invest with caution!” with a video clip attached during which he said, “it should be considered speculation at now. And so, you know, don’t go too far within the crypto speculation …”

But he also said, within the video, that cryptocurrency features a “good chance” of becoming what he called “the future currency of the world .”

On crypto data tracker CoinGecko.com, dogecoin has jumped quite 800% over the last month and is now the fourth-largest digital currency, with a market capitalisation of $73 billion. It hit a record high Thursday above $0.73.

It has overtaken more widely used cryptocurrencies like litecoin and tether.

Tesla said in February it bought $1.5 billion worth of bitcoin and would soon accept it as a sort of payment for its electric cars, an outsized stride toward mainstream acceptance that sent bitcoin soaring to a record high of nearly $62,000.

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