The Dogecoin ($DOGE) price fell over 20% shortly after Tesla CEO Elon Musk (aka “Dogefather”) admitted on U.S. TV’s comedy sketch show Saturday Night Live (SNL) that Dogecoin is “a hustle”.
According to data by CryptoCompare, five minutes before Musk’s SNL hosting debut, Dogecoin was trading around $0.6760. 45 minutes after the start of the show, Dogecoin was trading around $0.4988. Currently (as of 05:07 UTC on May 9, Dogecoin is trading around $0.5293, down 26.31%.
The reason for all the selling that took place shortly after Musk’s SNL appearance was that the Dogecoin community something a lot better than hearing Musk say that Dogecoin is a hustle.
Here are some other things that Musk said about Dogecoin when asked during the “Weekend Update” segment of the show to explain what Dogecoin is:
- “It started as a joke based on an internet meme”
- “It was created in 2013 and has a circulating supply of 117 billion coins, of which 113 billion have already been minted”
- “It’s a digital currency”
- “About as real” as a one-dollar note
- “It’s the future of currency”
- “It’s an unstoppable financial vehicle that’s going to take over the world”
- “It’s a cryptocurrency you can trade for conventional money”
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