Dogecoin Tumbles after Elon Musk Calls It a ‘Hustle’ on ‘SNL’ Show

Dogecoin Tumbles after Elon Musk Calls It a ‘Hustle’ on ‘SNL’ Show

Cryptocurrency representations are seen in front of the Dogecoin logo in this illustration picture taken April 20, 2021. REUTERS/Dado Ruvic/Illustration

The value of dogecoin dropped sharply in early US hours on Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a ‘hustle’ during his guest-host spot on the “Saturday Night Live” comedy sketch TV show.

Dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before the show.

The billionaire Tesla Inc (TSLA.O) chief executive hosted the show at 11:30 p.m. EDT on Saturday (0330 GMT on Sunday).

Cryptocurrency enthusiasts had for days been eager to see what he would say, after his tweets this year turned the once-obscure digital currency into a speculator's dream.

Asked 'what is dogecoin', Musk replied, "It's the future of currency. It's an unstoppable financial vehicle that’s going to take over the world."

When a show cast member Michael Che countered, "So, it's a hustle?", Musk replied, "Yeah, it's a hustle." And laughed.

Musk is the rare business mogul to have been asked to host the venerable comedy TV show. The timing puts Musk back in the spotlight just as Tesla's stock is losing steam following last year's monster rally.

The unconventional CEO has