Dogecoin crashes as Elon Musk appears on Saturday Night Live – Economic Times

Dogecoin retreated from a record earlier Saturday, declining during Elon Musks appearance on Saturday Night Live, where the billionaire jokingly called the digital asset a hustle.

The fourth-largest cryptocurrency by market value reached a record above 73 cents on Saturday before dropping as low as 51.4 cents during the show. It was down 23% over the past 24 hours to around 55.6 cents as of 12:56 p.m. in Hong Kong, according to pricing from CoinGecko.

Musk, who said hes the first person with Aspergers to host the show, was asked repeatedly during the Weekend Update segment to explain what Dogecoin is. After reciting multiple facts about the cryptocurrency in the character of a financial expert, he was asked if Dogecoin was a hustle. He responded, yea, its a hustle.

Musk, 49, is the worlds second-richest person with a net worth of $183.9 billion, according to the Bloomberg Billionaires Index. He had helped drive the coin to new heights on Friday and Saturday after tweeting a picture of himself and a Shiba Inu on the set of the iconic NBC show.

In the Weekend Update segment, Musk was in character as a financial adviser trying to explain the concept of cryptocurrency. After being asked repeatedly what Dogecoin is, he agreed with one of the anchors that its a hustle.

Cryptocurrencies are promising, but please invest with caution, Musk tweeted earlier on Friday, linking to a video that showed him talking about the merits of crypto, particularly Dogecoin. That follows months of Twitter posts from Musk about the likes of Bitcoin and Dogecoin, almost all favorable.

Musical guest Miley Cyrus wasnt taking the hosts obsession with the coin too seriously, according to a tweet she posted on Saturday.

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Dogecoin crashes as Elon Musk appears on Saturday Night Live - Economic Times