‘Dogefather’ Elon Musk jokingly calls token a hustle as worth falls underneath $0.50

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Meme-based cryptocurrency Dogecoin, typically pushed by Elon Musk on Twitter, acquired its second through the Tesla CEO’s look on Saturday Night time Dwell, however the shoutouts did not drive the worth to the moon.

Throughout his opening monologue on the comedy present, Maye Musk jokingly told her son she hoped she wouldn’t be receiving any Dogecoin (DOGE) as a part of her Mom’s Day reward that weekend. Although the preliminary point out acquired its share of snickers from the dwell viewers, Musk’s look as “monetary skilled” Lloyd Ostertag on Saturday Night time Dwell’s Weekend Replace section was extra in-depth, and preceded a 30% drop within the worth of DOGE.

Referring to his character because the “Dogefather,” Musk stated costs had been hovering for Bitcoin (BTC), Ether (ETH), and DOGE, however was jokingly unable to offer a solution to SNL solid member Michael Che’s query on “What’s Dogecoin?” The visitor dodged and deflected with details about the token’s historical past and circulating provide, however ultimately stated DOGE was “about as actual” as U.S. {dollars} and referred to the cryptocurrency as a “hustle.”

Shortly after the opening monologue, the price of DOGE fell from $0.69 to underneath $0.50 for the primary time because it had surpassed a half greenback in early Might. Although it partially recovered following Musk’s “Dogefather” section, the token fell as little as $0.43 within the final 24 hours and is buying and selling at $0.48 on the time of publication.

Many anticipated Musk’s look on the comedy present to pump the worth of DOGE after he hinted on Twitter two weeks in the past that he could be starring in a sketch or as a personality known as the Dogefather. Tweets from the Tesla CEO and Dallas Mavericks basketball proprietor Mark Cuban in addition to posts from retail investors on r/WallStreetBets could have been accountable for vital worth surges within the token this 12 months — the worth of DOGE was underneath $0.01 on Jan. 1.

As parts of the crypto area are reported on mainstream media retailers, parodies like these on Saturday Night time Dwell could attain a wider viewers. The NBC present already released a rap sketch centered across the craze behind nonfungible tokens in March. As well as, Beacon Footage is reportedly planning to produce a crypto-themed TV comedy collection.