Dogecoin dips nearly 30% after Elon Musk refers to it as a 'hustle' on SNL

(Britta Pedersen-Pool/Getty Images)

By Isoken Osagie

(NEW YORK) Dogecoin fell as much as 29.5%, dropping to 49 cents at one point during Elon Musk's "Saturday Night Live" appearance.

According to CNBC, the billionaire and Tesla CEO mentioned Dogecoin, the meme-inspired cryptocurrency, in his opening monologue and on SNL’s satirical news show, "Weekend Update."

During a segment, Musk described Dogecoin as "the future of currency" and "an unstoppable financial vehicle that’s going to take over the world."

According to Reuters, cast member Michael Che also asked Musk if investing in Dogecoin was a hustle — to which he replied, "Yeah, it's a hustle," and laughed.

The price of Dogecoin began to fall before the end of the "Weekend Update" skit. CNBC reported Sunday morning that Dogecoin was worth 57 cents, down about 17% at the beginning of the show.

Wall Street was not expecting the dip. Oanda Senior Market Analyst Edward Moya said the following in a note on May 4:

Also known as the Dogefather, Musk will undoubtedly have a sketch on cryptocurrencies that will probably go viral for days and further motivate his army of followers to try to send Dogecoin to the moon.

Dogecoin enthusiasts did tune in and reactions to Dogecoin's growth, or lack thereof, were tweeted and even live-streamed during Musk's SNL debut.

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