The price of the dogecoin cryptocurrency fell by a third on Sunday, after the billionaire Elon Musk, one of its biggest supporters, called the virtual currency a “hustle” during his SNL guest-hosting.
Cryptocurrency observers had high expectations of what Tesla’s CEO Musk would say while hosting the American comedy show. However, his statement had the opposite effect from what the investors expected.
Dogecoin, a cryptocurrency similar to bitcoin, fell by 35% at one point to reach $0.47 against the dollar. By Sunday night it had recovered slightly and reached $0.49.
That was significantly below the $0.68 like it was before the weekend, after increased investor interest.
The value of the digital currency began to decline sharply during the program which was broadcaster internationally on YouTube.
During the broadcast, Musk introduced the viewers to his mother Maya, who said that she is very excited to receive a gift from her son for Mother’s day, but she hopes it’s not dogecoin.
When they asked Musk what dogecoin is he said it was “the future of the cryptocurrency”, adding that it is “an unstoppable financial asset that will rule the world.”
When a member of the cast, Michael Che, asked if that is “an empty story”, he said, “Yes, that’s an empty story,” and laughed.
The currency is based on an internet mime – a funny phrase or image circulating on the internet – in this case, the dog is whipped.
Even after the fall, dogecoin, once described by Musk as a “people’s crypto”, remains the fourth largest digital currency after bitcoin, ethereum and coin byns.