Dogecoin tumbles after Elon Musk’s ‘hustle’ jibe
Dogecoin fell after Elon Musk called it a hustle on Saturday Night Live. Is it recovering?
Dogecoin continued to take a hit after Tesla CEO Elon Musk said the controversial altcoin was a “hustle”.
The cryptocurrency, which traded as high as $0.72 on 8 May, lost around a third of its value after Musk’s comments on US sketch show Saturday Night Live dropping to around $0.47.
By early morning on 10 May, it had gone back up to just over $0.54, around the same as it was on 4 May.
Saturday Night slide
On 8 May’s episode of the long-running American light entertainment institution, Musk introduced viewers to his mother, May, ahead of Mother's Day.
She told viewers she was looking forward to getting a Mother’s Day gift, but added: “I hope it’s not Dogecoin.”
Later on in the show, Musk was asked what Dogecoin was, to which he replied: “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.”
Cast member Michael Che then replied: “So, it’s a hustle?” In reply, Musk responded jokingly: “Yeah, it’s a hustle.”
These words seem to have been the trigger for a substantial loss in the coin contrary to what Musk, who is trying to fund a mission by his SpaceX company to the moon paid for entirely in Dogecoin, would have wanted.
However, the drop meant investors were able to see DOGE as a potential bargain, leading to a mini-rally, reaching more than $0.55 late on 9 May, before dropping back down slightly overnight.