New York: Dogecoin’s value plummeted during early US trading on Sunday (May 9) after Elon Musk, the head of Tesla and cryptocurrency supporter, ran a live comedy sketch TV show Saturday night. The guest site called it “busy”.
Dogecoin’s bid for Binance, a cryptocurrency exchange, was just $ 0.47, down 28% from about $ 0.65 before the show.
Tesla’s billionaire CEO hosted the show on Saturday (Sunday, Sunday, 11:30 am) Eastern Time, 11:30 pm Eastern Time.
After his tweets turned the once obscure digital currency into a speculator’s dream this year, cryptocurrency enthusiasts have been wanting to see what he would say for days.
Asked “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.”
When a show cast member Michael Che countered, “So, it’s a hustle?”, Musk replied, “Yeah, it’s a hustle.” And laughed.
Musk is the rare business mogul to have been asked to host the venerable comedy TV show. The timing puts Musk back in the spotlight just as Tesla’s stock is losing steam following last year’s monster rally.
The unconventional CEO has posted numerous comments about cryptocurrencies on Twitter and criticized regular old cash for having negative real interest rates.
“Only a fool wouldn’t look elsewhere,” he said in February.
His mysterious tweets that month “Doge” and “Dogecoin is the cryptocurrency of the people” started the Dogecoin rally – Dogecoin is an imitation of the more common Bitcoin and Ethereum.