Dogecoin drops after Elon Musk calls it a ‘hustle’ on ‘Saturday Night Live’

Dogecoin drops after Elon Musk calls it a ‘hustle’ on ‘Saturday Night Live’

The value of Dogecoin dropped early Sunday, shortly after Elon MuskElon Reeve MuskOn The Money: Five takeaways on a surprisingly poor jobs report | GOP targets jobless aid after lackluster April gain Musk warns on cryptocurrency surge: ‘Invest with caution!’ The Hill’s Morning Report – Presented by Emergent BioSolutions – Upbeat jobs data, relaxed COVID-19 restrictions offer rosier US picture MORE called the cryptocurrency a “hustle” during his hosting appearance on “Saturday Night Live.”

Dogecoin, which was listed around $0.65 on crypto exchange Binance before the show, dropped 28 percent to $0.47 after Musk’s appearance, according to Reuters.

Musk appeared on the show’s “Weekend Update” segment as fictitious financial expert Lloyd Ostertag. When asked about Dogecoin by co-host Colin Jost, Musk explained it is “the future of currency.”

“It’s an unstoppable financial vehicle that’s going to take over the world,” he said.

“I get that, but what is it, man?” co-host Michael Che asked.

“It’s a cryptocurrency you can trade for conventional money,” Musk responded.

“Oh, so it’s a hustle?” Che asked.

“Yeah, it’s a hustle,” Musk replied, letting out a laugh.

Musk’s remarks came days after the Tesla CEO and SpaceX founder warned investors to invest in cryptocurrency “with caution.”

“Cryptocurrency is promising, but please invest with caution!” he tweeted.

Musk, one of the richest people in the world, has previously encouraged his internet fans to invest in cryptocurrency, focusing mainly on Dogecoin.

Musk has been credited by many for the surge in the cryptocurrency’s value, which has increased from a fraction of a cent to 64 cents this year.