Dogecoin Value Falls And Everyone Blames Elon Musk

Image courtesy PYMNTS

After weeks of hype around Dogecoin, the worst scenario happened when the crypto lost more than a third of its price on Sunday. This was after Tesla boss and cryptocurrency supporter Elon musk called the coin a ‘hustle’ during his guest-host spot on the American comedy sketch show, Saturday Night Live (SNL).

Dogecoin was quoted as low as $0.416 (roughly KES 44) on crypto exchange site Binance, falling by 36% from levels around $0.65 (roughly KES 69) before the show aired. Luckily, the coin seemed to be getting back up on Sunday, trading around $0.569 (roughly KES 60).

Cryptocurrency enthusiasts particularly Dogecoin traders had been eager to hear what Elon Musk would say during the show. This is especially because of his tweets this tweets that turned what was once just a meme currency into a speculator’s dream.

Asked on Twitter once “what is dogecoin”, Musk replied,” It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.”

But when it came to the SNL sketch, he answered the question”So, it’s a hustle?”, by saying, “Yeah, it’s a hustle,” and laughed.

The unconventional CEO has been well-known for his enthusiasm towards the crypto world especially over the last few months. His own company Tesla ended up buying $1.5 billion worth of Bitcoin as well as introducing the currency as a mode of payment for cars. Of course, this led to a huge spike in Bitcoin’s value that has lasted for months.

There was no doubt that immediately he displayed interest in Dogecoin, its value would soar as well. Therefore, maybe he is the only one who will be able to get it back up to its heights…just maybe.

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