Elon Musk caused Dogecoin’s value to plummet after dubbing the digital coin ‘a hustle’.
During a skit with Michael Che, the comedian repeatedly asked Musk to explain what exactly dogecoin and cryptocurrency is.
After the multibillionaire’s array of answers, Che goes on to beg the question, ‘So, it’s a hustle?’ Musk then concedes to the very dumbed-down version of what Dogecoin is and admits, ‘Yeah, it’s a hustle.’
Musk also made jokes about having bought his mother Dogecoin as a gift for Mother’s Day – which is today, May 9, in the US.
Apparently the 49-year-old’s mum said to the Tesla founder, ‘I am excited for my Mother’s Day gift. I just hope that it’s not Dogecoin,’ followed by Musk laughing while admitting that was in fact her present.
In the wake of Musk discussing Dogecoin on the famous skit show, its value plummeted.
Dogecoin’s value was sitting strong at around $0.70 before SNL aired, The Independent reports, before it dropped by 24% to $0.49 in the first hour of the show.
By the time the show finished, it had rebounded to around $0.57, however.
Typically, whenever Musk mentions the meme-inspired digital coin, it hikes in price.
After crowning himself ‘the Dogefather’ last month in a tweet, Dogecoin’s value doubled in price. Previous tweets by the multibillionaire had also caused the cryptocurrency to surge in value, including a tweet shared on Friday, May 7, with a picture of him, Miley Cyrus and Kid LAROI alongside an edited-in picture of the iconic Dogecoin dog.
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