Dogecoin Gains Erased After Elon Musk's 'SNL' Hosting Gig

The value of dogecoin dropped sharply on Sunday morning, after cryptocurrency supporter Elon Musk called it a "hustle" during his 'SNL' appearance.

Elon Musk

Photo by Yasin Ozturk/Anadolu Agency

Elon Musk

Just three days after Dogecoin surged to an all-time high, the meme-inspired cryptocurrency plummeted during Elon Musk’s appearance on Saturday Night Live this weekend. 

Dogecoin, which started Saturday trading at around 70 cents, dropped nearly 40 percent after Musk’s SNL hosting gig, Forbes reports.

As of Sunday morning, the cryptocurrency was trading at around 44 cents per coin.

Musk, a longtime supporter of Dogecoin, mentioned the altcoin during his opening monologue and again during “Weekend Update,” where he appeared as a financial expert named Lloyd Ostertag. When asked by co-host Michael Che if Dogecoin was a “hustle,” Musk responded, “yeah, it’s a hustle.”

Musk’s remarks arrive just days after the Tesla CEO warned investors to be cautious when investing in cryptocurrency. “Cryptocurrency is promising, but please invest with caution!” he wrote in a Twitter post Friday morning. 

Back in February, Musk revealed that he supports the idea of “major Dogecoin holders” selling the bulk of their coins. In a series of tweets, the SpaceX founder said such a move “will get my full support” and that he would “literally pay actual money” if Dogecoin holders voided their accounts.

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