Dogecoin falls after Musk calls it a ‘hustle’

The value of dogecoin dropped sharply in early US hours on Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a ‘hustle’ during his guest-host spot on the Saturday Night Live comedy sketch TV show.

Dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before the show.

The billionaire Tesla Inc chief executive hosted the show at 11:30 pm EDT on Saturday (0330 GMT on Sunday). Cryptocurrency enthusiasts had for days been eager to see what he would say, after his tweets this year turned the once-obscure digital currency into a speculator’s dream. Asked ‘what is dogecoin’,

Musk replied, “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.” When a show cast member Michael Che countered, “So, it’s a hustle?”, Musk replied, “Yeah, it’s a hustle.” And laughed.

Musk is the rare business mogul to have been asked to host the venerable comedy TV show.