Dogecoin is down 40%, trading at $0.44 early Sunday, after Tesla CEO Elon Musk hosted the SNL show. The cryptocurrency on Saturday began trading at around $0.70 and was selling for around $0.66 cents just before the show.
Cryptocurrency traders have been excited to know what Musk would say, after his tweets this year turned the previously obscure digital currency into a dreamer’s dream.
When asked about “what is Dogecoin”, Musk replied, “It is the future of the currency. It is an unstoppable financial instrument that will take over the world,” however when cast member Michael Che replied, “So it’s hustle?” Musk replied, “Yes, it’s a hustle” and laughed, which caused a big plunge for the cryptocurrency.
Musk, over the years, posted many comments about cryptocurrencies on Twitter and criticized the usual old cash, which holds negative real interest rates, saying in February, “Only a fool will not look anywhere else.”
His cryptocurrency tweets “Doge” and “Dogecoin is the people’s cryptocurrency”, created a parody of the more popular bitcoin and Ethereum.
On cryptocurrency tracker CoinGecko.com, dogecoin jumped more than 800% over the past month and is now the fourth largest cryptocurrency, with a market cap of $ 73 billion, hitting a record high on Thursday above $0.73.