$DOGE Falls Over 25% After ‘Dogefather’ Elon Musk Admits Dogecoin ‘Is a Hustle’

The Dogecoin ($DOGE) price fell over 20% shortly after Tesla CEO Elon Musk (aka “Dogefather”) admitted on U.S. TV’s comedy sketch show Saturday Night Live (SNL) that Dogecoin is “a hustle”.

According to data by CryptoCompare, five minutes before Musk’s SNL hosting debut, Dogecoin was trading around $0.6760. 45 minutes after the start of the show, Dogecoin was trading around $0.4988. Currently (as of 05:07 UTC on May 9, Dogecoin is trading around $0.5293, down 26.31%.

The reason for all the selling that took place shortly after Musk’s SNL appearance was that the Dogecoin community expected something a lot better than hearing Musk say that Dogecoin is a hustle.

To be clear, here are some other things that Musk said about Dogecoin when asked during the “Weekend Update” segment of the show to explain what Dogecoin is:

• “It started as a joke based on an internet meme“
• “It was created in 2013 and has a circulating supply of 117 billion coins, of which 113 billion have already been minted“
• “It’s a digital currency“
• “About as real” as a one-dollar note
• “It’s the future of currency“
• “It’s an unstoppable financial vehicle that’s going to take over the world“
• “It’s a cryptocurrency you can trade for conventional money“

Unfortunately, after saying all of the above, when asked if Dogecoin is essentially a hustle, he agreed that it was.

As for the wider crypto community, one person that seemed to have enjoyed Musk’s comments about Dogecoin is Pomp:

Serveral hours before Musk’s SNL appearance, Barry Silbert, Founder and CEO of Digital Currency Group (DCG), owner of Grayscale Investments, shocked the $DOGE community by saying that his company had just gone short on $DOGE. Naturally, Dogecoin co-creator Billy Markus was not too happy to hear this news.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.