Dogecoin’s value tumbles after Elon Musk calls the virtual currency a ‘hustle’
Price falls by as much as a third after billionaire’s comments on US comedy sketch show Saturday Night Live
However, Musk’s appearance had the opposite effect to that expected by investors.Dogecoin, a cryptocurrency similar to bitcoin which was started as a joke, fell by 35% at one point to reach $0.47 (£0.34) against the dollar, according to news website Coindesk. By Sunday evening (UK time) it had recovered slightly to reach $0.49, although that was well below the $0.68 it hit before the weekend after surging interest from investors.
The value of the digital currency began to drop sharply during the programme, which was streamed internationally on YouTube for the first time.During the broadcast Musk introduced viewers to his mother, Maye, who said she was excited about receiving a Mother’s Day gift from her son but added: “I just hope it’s not dogecoin.”
In another part of the show Musk was asked: “What is dogecoin?” He replied: “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.”When a cast member, Michael Che, countered: “So, it’s a hustle?,” Musk responded: “Yeah, it’s a hustle,” and laughed. headtopics.com
The segment ended with Musk howling “to the moon”, a phrase used online by investors trying to talk up the value of their assets, indicating the desired direction of travel for their investments.Musk also claimed to viewers that he was“the first person with Asperger’s”
to host the US sketch show, although Dan Aykroyd, the former cast member and previous host, has said in the past that he has Asperger’s syndrome.Opening the programme, the billionaire spoke of how he sometimes posted strange comments on his social media, saying: “To anyone I’ve offended, I just want to say, ‘I reinvented electric cars and I’m sending people to Mars in a rocket ship, did you also think I was going to be a chill, normal dude?”’
Dogecoin has been attracting attention after it found favour with retail investors and won over high-profile fans including rapper Snoop Dogg and the Kiss bassist Gene Simmons.The currency is based on aninternet meme– a humorous online phrase or picture – in this case, a shiba inu dog.
Like the bitcoin and ether cryptocurrencies, it has enjoyed a stratospheric rise in recent months, and climbed 14,000% between January and early May.Novice investors’ appetite to speculate in certain stocks, as well as cryptocurrencies, has been growing in recent months, leading analysts to warn that people could end up losing large amounts of money. headtopics.com
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Quite lazy journalism. You don’t mention DOGE being shorted hours before the programme broadcast, which saw it drop, plus RobinhoodApp going down so people couldn’t buy, again causing it to drop. if Dogecoin was listed on the NYSE,there would hav been a 'circuit breaker' that halts trading after a 7% loss on the trading day.With most crypto like Dogecoin, it can drop as quickly in as little of time as possible..
People talk about the price of crypto as if it's a stock.Coin prices fluctuate much more rapidly,constantly up nd down.The prices will drop, people will buy again, prices will rise.For all we know,he could've said it on purpose to lower the price so more people will buy next time Andrew Yang angers Twitter by saying 'sh*t' during campaign church stop
Only for those with paper hands 😉 Investors are a sect that still believes in truth, authenticity and the real thing!
Dogecoin value plummets after Elon Musk’s SNL appearance - calls crypto ‘hustle’Coinbase data showed the value of the meme coin fell by up to 35 percent during SNL I think Elon did a great job !!!! There have been make WORSE hosts he was great.....
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Dogecoin could hit $4 as Elon Musk sparks ‘huge surge’ after Saturday Night LiveDOGECOIN could reach a value of up to $4 (£2.86) following Elon Musk 's appearance on Saturday Night Live, according to cryptocurrency expert Professor Carol Alexander, who is predicting a 'huge surge'. Lori Iro It will pass 2$ soon
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Elon Musk plugged Dogecoin on SNL - and the price immediately plummeted Elon Musk waited 14 minutes into his debut on Saturday Night Live to plug Dogecoin and the price immediately plummeted. I doubled my money this past fortnight with Dogecoin. Happy with that. I’ve now swapped it for Ethereum Sell the news. 2018 investors know Perfect time to buy in