Who would’ve thought that Elon Musk jokingly calling Dogecoin “a hustle” during his appearance on Saturday Night Live would cause a major fall in its price?
Well, anyone who has been following the wild journey of the meme coin. While some people were really excited just to watch Elon Musk be his fantastic eccentric self in a comedy show, crypto fanatics anticipated one thing and one thing only; Elon Musk passionately talking about Dogecoin.
In fact, this anticipation surged its price up 95% in 5 days, hitting an all-time high of $0.740796 on Saturday, just before Musk’s appearance on SNL. After the infamous skit, one word caused the Dogecoin price to dip by 40% after its continuous rise the past few weeks.
What did Musk do to cause this?
During the well-known Talk Show skit on SNL, Musk took on the role of a bow-tied, bespectacled financial expert, the self-proclaimed “Dogefather” and was constantly grilled about Dogecoin. He was asked whether the currency was a hustle after giving textbook responses, to which he replied, “Yeah, it’s a hustle.”
He did finish it all off by yelling “To The Mooooon!”, referring to his now confirmed promise to take the meme coin to the actual moon. Despite that, the somewhat obscure hustle comment seems to have made a significant dent.
Dogecoin to the actual moon
A SpaceX deal on Sunday gave the digital currency a boost. According to CoinGecko, it was trading at 55.5 cents as of 8:30 p.m. in New York, down 15% from the previous 24 hours, with a trading range of 43.2 cents to 66.7 cents in the previous day.
Musk’s commercial rocket business will launch a mission to the moon in 2022 with a so-called CubeSat from Geometric Energy Corp. that has been paid for entirely in Dogecoin, according to the agreement.
Despite Musk’s Twitter support for dogecoin, it’s worth noting that he didn’t invest any of his company’s funds in the cryptocurrency – in contrast to his purchase of bitcoin. Tesla’s balance sheet included $1.5 billion in bitcoin, which it later sold for $272 million in the first quarter of this year.
This week, Musk cautioned his Twitter followers to “invest with care,” saying that cryptocurrency should be viewed as a fun speculative tool.
“To be sure, people should not invest their life savings in cryptocurrency,” Musk said. “I believe that is a bad idea.”