Elon Musk may have taken DogeCoin (DOGE) for a bit of a ride this weekend. Reuters reported that the asset lost a third of its price on Sunday after the billionaire Founder of Tesla called DOGE a ‘hustle’ during his appearance as the host of Saturday Night Live (SNL).<\/p>\n
Indeed, the price of DOGE peaked at $0.72 on Saturday, May 8th. However, the coin fell as low as $0.43 on Sunday, May 9th. At press time, the price had recovered to $0.53.<\/p>\n
Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!<\/strong><\/p>\n Musk\u2019s appearance on SNL was hotly anticipated by the DogeCoin community as a possible opportunity to bring more attention to DOGE, and thereby increasing its price.<\/p>\n When Musk was asked \u201cwhat is DogeCoin?\u201d, he initially replied with \u201cIt\u2019s the future of currency. It\u2019s an unstoppable financial vehicle that\u2019s going to take over the world.\u201d However, when SNL cast member, Michael Che quipped, \u201cSo, it\u2019s a hustle?\u201d, Musk answered, \u201cYeah, it\u2019s a hustle,\u201d with a laugh.<\/p>\n — Elon Musk (@elonmusk) April 28, 2021<\/p>\n<\/blockquote>\n Musk’s love affair with DogeCoin appears to have begun toward the end of 2020 when the billionaire began tweeting and speaking about Dogecoin regularly. Many of his tweets have been somewhat cryptic; one simply contained the word \u201cDoge.\u201d Other tweets lauded DOGE as \u201cthe people\u2019s crypto.\u201d<\/p>\n But beyond DOGE, Musk has expressed a lack of faith in cash, pointing out that cash has real negative interest rates: \u201cOnly a fool wouldn\u2019t look elsewhere,\u201d he said in February.<\/p>\n However, Musk appeared to take a cautionary tone for perhaps the first time: \u201cCryptocurrency is promising, but please invest with caution!\u201d he tweeted, along with a video clip in which he said, \u201cit should be considered speculation at this point.\u201d<\/p>\n — Elon Musk (@elonmusk) May 7, 2021<\/p>\n<\/blockquote>\n Still, Musk has said that cryptocurrency does have a \u201cgood chance\u201d of becoming \u201cthe future currency of the Earth.\u201d<\/p>\n Even with this newfound cautionary note, Musk has attracted criticism from analysts. James Angel, Associate Professor at Georgetown University\u2019s McDonough School of Business, told Reuters that: \u201cI think [Musk is] having a lot of fun … He can say anything he wants about dogecoin or cryptos fully aware that just him saying something moves the price.\u201d<\/p>\n \u201cAnyone who wants to play the Elon Musk game should be prepared to lose all their money.\u201d<\/p>\n\n
SNL May 8<\/p>\nWhen It Comes to Cash, \u201cOnly a Fool Wouldn\u2019t Look Elsewhere.\u201d<\/h2>\n
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