The value of Dogecoin dropped early Sunday, shortly after Elon Musk called the cryptocurrency a “hustle” during his hosting appearance on “Saturday Night Live.”
Dogecoin, which was listed around $0.65 on crypto exchange Binance before the show, dropped 28 percent to $0.47 after Musk’s appearance, according to Reuters.
Musk appeared on the show’s “Weekend Update” segment as fictitious financial expert Lloyd Ostertag. When asked about Dogecoin by co-host Colin Jost, Musk explained it is “the future of currency.”
“It’s an unstoppable financial vehicle that’s going to take over the world,” he said.
“I get that, but what is it, man?” co-host Michael Che asked.
“It’s a cryptocurrency you can trade for conventional money,” Musk responded.
“Oh, so it’s a hustle?” Che asked.
“Yeah, it’s a hustle,” Musk replied, letting out a laugh.
Lloyd Ostertag stopped by the desk to talk cryptocurrency. pic.twitter.com/cuILxOBJlj
— Saturday Night Live – SNL (@nbcsnl) May 9, 2021
Musk’s remarks came days after the Tesla CEO and SpaceX founder warned investors to invest in cryptocurrency “with caution.”
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