The value of dogecoin plummeted in the early hours of Sunday in the United States after Tesla CEO and cryptocurrency supporter Elon Musk referred to it as a "hustle" during his appearance as a guest host on the comedy sketch TV show "Saturday Night Live."
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Dogecoin was quoted as low as $0.47 on the cryptocurrency exchange Binance, down 28% from levels around $0.65 prior to the show.
The show began at 11:30 p.m. EDT on Saturday, hosted by billionaire Tesla Inc CEO Elon Musk (0330 GMT on Sunday).
Cryptocurrency enthusiasts had been waiting for him to say something for days, after his tweets earlier this year transformed the once-obscure digital currency into a speculator's dream.
Musk responded, "What is dogecoin?" "It is the currency of the future. It is an unstoppable financial vehicle that will rule the world."
Musk responded, "Yeah, it's a hustle," when show cast member Michael Che countered, "So, it's a hustle?" And then he laughed.
Musk is a one-of-a-kind businessman who has been asked to host the venerable comedy TV show. The timing puts Musk back in the spotlight at a time when Tesla's stock is losing steam after a monster rally last year.
The outlandish CEO has made numerous comments about cryptocurrencies on Twitter and has chastised traditional currency for having negative real interest rates.
In February, he said, "Only a fool would not look elsewhere."
That month, his cryptic tweets "Doge" and "Dogecoin is the people's crypto" sparked a rally in dogecoin, which was created as a parody of the more mainstream bitcoin and ethereum.
Musk tweeted on Thursday, "Cryptocurrency is promising, but please invest with caution!" with a video clip in which he stated, "At this point, it should be considered speculative. So, you know, don't get too far into crypto speculation..."
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However, he also stated in the video that cryptocurrency has a "good chance" of becoming "the future currency of the Earth."
According to crypto data tracker CoinGecko.com, dogecoin has increased by more than 800% in the last month and is now the fourth-largest digital currency, with a market capitalization of $73 billion. It reached a new high of $0.73 on Thursday.
It has surpassed more popular cryptocurrencies such as litecoin and tether.
Tesla announced in February that it had purchased $1.5 billion in bitcoin and would soon accept it as a form of payment for its electric vehicles, a significant step toward mainstream acceptance that sent bitcoin to a record high of nearly $62,000.
On Friday, Tesla shares closed 1.3 percent higher at $672.37.
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Rahul Shrestha