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

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Dogecoin crashes every bit Elon Musk calls it a 'hustle' on SNL

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

Musk'southward advent on the show last night (May viii) was expected to send the memecoin to new heights, simply instead information technology dropped from around 70 cents before the show to just 47 cents equally of the time of writing.

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Musk, who has previously labelled himself the "Dogefather" and repeatedly talked upwardly the memecoin, mentioned Dogecoin several times during his SNL slot. In his opening monologue, Musk was joined onstage past his female parent, Maye, who joked that she was looking frontwards to her Female parent'south Day gift — then added that she "hopes it'due south not Dogecoin." Musk replied that it was.

Later, the billionaire Tesla CEO played Dogecoin skillful Lloyd Ostertag on Weekend Update, with cast fellow member Michael Che repeatedly asking him what Dogecoin really is.

"It really started as an internet meme, merely now information technology'south taken over in a very real style," Musk countered, before describing information technology as "the future of currency. It's an unstoppable financial vehicle that's going to take over the world."

Asked one last time what Dogecoin actually is, Musk said that it was "A cryptocurrency you can merchandise for conventional money," to which Che replied, "Oh, so it's a hustle?"

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

Dogecoin started the year with a value of $0.005 but has risen sharply in contempo months to reach a high of $0.71; that represents incredible growth of more than than 12,000% in 2021 and has made information technology 1 of the height cryptocurrency performers, with a total market capitalization of around $80 billion just a few days agone. Information technology currently stands at $63 billion.

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

However, Musk had urged investors to be cautious nearly putting coin into cryptocurrency the day before his SNL appearance — and given Dogecoin'south price drop in the past few hours, that may have been wise advice.

• More: What is Dogecoin? Everything yous demand to know

As U.1000. Editor in Chief on Tom's Guide, Marc is responsible for the site's U.K.-focused output as well 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 nearly phones, tablets, wearables, streaming boxes, smart home devices, Bluetooth speakers, games and much more. He likewise spent years on a music magazine, where his duties mainly involved spoiling other people's fun, and on a car mag. An avid lensman, Marc likes zip better than taking pictures of very pocket-size 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 every bit much sport every bit any human tin can (particularly cricket).

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

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