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Dogecoin Cryptocurrency’s Value Drops after Elon Musk’s Appearance in SNL

After Elon Musk’s presence in SNL, the dogecoin value dropped sharply in early US hours. Elon Musk, during a guest host spot in SNL, called dogecoin “a hustle”. After that, the dogecoin rated as a $0.47 low on crypto exchange Binance down 28% from around $0.65 before the show.

Musk hosted the show around 1:30 p.m. EDT on Saturday (0330 GMT on Sunday). So naturally, the cryptocurrency miners were eager to witness what Musk will say about the dogecoin. In SNL, he said, “It’s the future of currency” in the segment of he was asked about cryptocurrency.

It’s an unstoppable financial vehicle that’s going to take over the world.” And just after that, when it was again asked what the dogecoin is? he said it is a digital currency like bitcoin and then with a counter answer when one of the co-hosts said, “So, it’s a hustle?” then Musk replied, “Yeah, it’s a hustle,” and laughed.

The timing of Musk’s appearance in the SNL gained the spotlight as the tesla stock was losing steam following last year’s monster rally. And Musk has always been a supporter of cryptocurrency in Twitter he has previously seen criticizing the old cash for having negative, accurate interest rates, and even while supporting the cryptocurrencies, specially dogecoin he wrote in February that-

“Only a fool wouldn’t look elsewhere,” he said in February. From that month, only the Dogecoin rate kicked off. Musk also stated that there is a chance that cryptocurrency will become the future of a currency on the earth.

Read More: Elon Musk: The First Entrepreneur and CEO to Host SNL Today 8-May-2021

The dogecoin has jumped more than 800% percent in the last few months. It is considered the 4th most significant digital currency with a market capitalization of $73 billion. A day before Musk’s presence in SNL, the dogecoin value reached a new because of Musk’s tweet with him, musical guest Miley Cirus, Kid Laroi, and photoshopped image dogecoin ambassador Shiba Inu.

Even Musk’s company tesla also stated that they will accept bitcoin as payments for electric cars as they have bought $1.5 billion worth of bitcoin now. Tesla shares settled on 1.3% higher at $672.37 on Friday.

Here is the video of that particular segment where Musk discussed dogecoin:

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