Dogecoin crashes as Elon Musk calls it a 'hustle' on SNL

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Dogecoin crashes as Elon Musk calls it a 'hustle' on SNL

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Dogecoin has plunged by more than than 30% in value after Elon Musk poked fun at the cryptocurrency and called it a "hustle" in his Saturday Nighttime Live hosting spot.

Musk's advent on the prove last night (May 8) was expected to send the memecoin to new heights, only instead it dropped from around 70 cents before the show to just 47 cents as of the time of writing.

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Musk, who has previously labelled himself the "Dogefather" and repeatedly talked up the memecoin, mentioned Dogecoin several times during his SNL slot. In his opening monologue, Musk was joined onstage by his mother, Maye, who joked that she was looking forward to her Female parent's Twenty-four hours gift — then added that she "hopes it's not Dogecoin." Musk replied that information technology was.

Later, the billionaire Tesla CEO played Dogecoin skilful Lloyd Ostertag on Weekend Update, with bandage member Michael Che repeatedly asking him what Dogecoin actually is.

"It actually started every bit an cyberspace meme, but now it's taken over in a very real fashion," Musk countered, before describing it as "the hereafter of currency. Information technology's an unstoppable financial vehicle that'southward going to have over the world."

Asked one final time what Dogecoin really is, Musk said that it was "A cryptocurrency you lot tin can trade for conventional money," to which Che replied, "Oh, then it's a hustle?"

"Yeah, it's a hustle," said Musk, before shouting "To the moon!"

Dogecoin started the yr with a value of $0.005 simply has risen sharply in recent months to reach a high of $0.71; that represents incredible growth of more than 12,000% in 2021 and has made it one of the elevation cryptocurrency performers, with a total market capitalization of around $80 billion only a few days agone. It currently stands at $63 billion.

Investors had been eagerly awaiting Musk'southward spot on SNL, with some predicting that Dogecoin'due south value would farther soar on the back of information technology.

However, Musk had urged investors to be cautious nigh putting money into cryptocurrency the mean solar day before his SNL appearance — and given Dogecoin'southward price drop in the past few hours, that may have been wise communication.

• More than: What is Dogecoin? Everything you need to know

As U.Thousand. Editor in Chief on Tom's Guide, Marc is responsible for the site'due south U.K.-focused output besides as overseeing all gaming, streaming, audio, TV, entertainment, how-to and cameras coverage. He previously edited the tech website Stuff and has tested and written about phones, tablets, wearables, streaming boxes, smart home devices, Bluetooth speakers, games and much more. He too spent years on a music magazine, where his duties mainly involved spoiling other people's fun, and on a car magazine. An avid photographer, Marc likes nothing better than taking pictures of very minor things (bugs, his daughters) or very big things (distant galaxies). When he gets time, he also enjoys gaming (console and mobile), cycling and attempting to watch as much sport equally whatsoever human tin (particularly cricket).

Source: https://www.tomsguide.com/news/dogecoin-crashes-as-elon-musk-calls-it-a-hustle-on-snl

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