Seeking Alpha 2021-05-09 14:26:51

Dogecoin tumbles nearly 50% after Musk calls it a 'hustle' on SNL

Dogecoin (DOGE-USD) shed as much as 46% overnight after trading as high as $0.74 before Elon Musk's appearance on Saturday Night Live. The crypto is now changing hands at $0.48, but fell to as low as $0.40 just two hours ago. Musk has a history of comments that can influence stocks, markets and crypto, and many were expected similar outsized moves after his role on the late night comedy sketch.The skit: Musk was featured in satirical news segment Weekend Update, playing a character called "Lloyd Ostertag, financial expert," who dubbed himself "The Dogefather." At the beginning of the episode, Musk touted the benefits of cryptocurrencies and Dogecoin, saying the latter had started as an "internet meme... but has now taken off in a very real way." However, after cast members Michael Che and Colin Jost repeatedly asked him to explain, "What is Dogecoin?" Musk ended the episode by saying, "Yeah,

Dogecoin tumbles nearly 50% after Musk calls it a 'hustle' on SNL

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