Dogecoin value crashes as Elon Musk calls it a hustle

The Tesla Inc. CEO had helped to drive the cryptocurrency to new heights on Friday and Saturday after tweeting a picture of himself and a Japanese dog breed Shiba Inu

  
SpaceX owner and Tesla CEO Elon Musk laughs after arriving on the red carpet for the Axel Springer award, in Berlin, Germany, December 1, 2020.

SpaceX owner and Tesla CEO Elon Musk laughs after arriving on the red carpet for the Axel Springer award, in Berlin, Germany, December 1, 2020.

REUTERS/Hannibal Hanschke/Pool

Dogecoin’s value dropped significantly on Sunday after Elon Musk jokingly called it a “hustle” during his guest-host spot on the US TV show Saturday Night Live.

In the last 24 hours, the value of Dogecoin, the fourth largest cryptocurrency by market value, crashed from $0.72 to an intra-day low of $0.45, according to data from Coindesk.

When repeatedly asked what dogecoin is, Musk gave multiple facts about the cryptocurrency and said, “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.” Finally, when a cast member asked, “So, it’s a hustle?”, Musk replied, “Yeah, it’s a hustle” and laughed.

The Tesla Inc. CEO had helped to drive the cryptocurrency to new heights on Friday and Saturday after tweeting a picture of himself and a Japanese dog breed Shiba Inu on the sets of US TV network NBC.

Though Dogecoin started as a joke in 2013, it surged more than 13,000 percent this year, according to Coindesk.

However, Musk tweeted earlier on Friday that cryptocurrencies are “promising, but please invest with caution,” while linking to a video that showed him talking about the merits of crypto, particularly Dogecoin.

(Writing by Seban Scaria; editing by Anoop Menon)

 seban.scaria@refinitiv.com 

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