Elon Musk’s recent appearance in comedy sketch TV show “Saturday Night Live” brought the value for dogecoin down in early US hours on Sunday.
Tesla Inc CEO, Elon Musk, made an appearance as a guest host on the “Saturday Night Live” on Saturday. Upon his appearance, the chief of Tesla called dogecoin a “hustle”.
Cryptocurrency enthusiasts have been paying attention to Musk. He has shown interest in cryptocurrencies through his personal Twitter account as well as his business, Tesla. Musk once even criticized regular old cash for having negative real interest rates.
Musk also sent several cryptic tweets mentioning dogecoin. His tweet saying “Dogecoin is the people’s crypto” sent off dogecoin at a rally.
Musk, however, warned people to be cautious on cryptocurrency investment. On Thursday, Musk left a video clip on Twitter saying “Cryptocurrency is promising, but please invest with caution!” “It should be considered speculation at this point. And so, you know, don’t don’t go too far in the crypto speculation …” the clip continues. Though, Musk still commented that there’s a chance that cryptocurrency could become the “future currency of the Earth.”
The next day after the skit aired, dogecoin’s valuation dropped as low as $0.47 on crypto exchange Binance, Reuters quotes. This figure translates into a 28% decline from the $0.65 record noted prior to the show’s broadcast.
Over the last month, Dogecoin has skyrocketed over 800%, CoinGecko.com notes. It is currently the fourth-largest digital currency with $73 billion of market capitalization. Its peak from Thursday went above $0.73, overtaking more widely used cryptocurrencies namely Litecoin and Tether.
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