Dogecoin Dives after Elon Musk Calls It A 'Hustle' on Saturday Nig…

Doge takes a dive after Elon Musk calls it a 'hustle' on SNL — Photo by Ussama Azam on Unsplash

Yerevan (CoinChapter.com) — Dogecoin (DOGE) value dropped 32 percent on Sunday after Elon Musk hosted the SNL comedy show and called DOGE a ‘hustle’ on air.

Admittedly, that was part of a staged joke, but what isn’t when it comes to Dogecoin? Given how the cryptocurrency itself started as a joke, laughs around Dogecoin have real-world repercussions. Many Shiba-Inu token supporters were disappointed that their self-proclaimed “Dogefather” called the coin a ‘hustle’ during a bit where he was playing a financial consultant. The eccentric billionaire also called the Dogecoin an ‘unstoppable financial vehicle.’

On Sunday the Twitterverse was flooded with snippets of the show.

What is #Dogecoin?
The future currency that will take over the world -Elon Musk 🐕 pic.twitter.com/7IXAs2iagp
— Nsyt (Insight) (@Iamnsyt) May 9, 2021

According to Reuters, Mr. Musk’s invitation to host the iconic comedy show with more than 9 million viewers worldwide couldn’t be more timely, as one of his companies, Tesla, is losing steam after the last year’s “monster rally.”

Previous Prediction Pans Out

As Dogecoin is highly volatile, its price greatly depends on its proponents’ hype on social media. The fourth-largest cryptocurrency by market cap is mostly propelled by the ‘Dogefather’ himself and Mark Cuban, the NBA’s Dallas Mavericks owner. Gene Simmons and Snoop Dogg can also share some credit for making Dogecoin famous.

Therefore, when it comes to DOGE, solid predictions are hard to make. On Saturday, however, before the SNL aired, Alistair Milne, the founder of Altana Digital Currency Fund, said in a tweet that he considers Dogecoin’s previous explosive price rally as ‘retarded’. He also predicted that the price of the meme-token will plunge, giving way for Bitcoin to log some gains.

Step 1: $DOGE goes full retard pre-SNL
Step 2: After SNL people 'sell the news'
Step 3: Smarter traders rotate into #Bitcoin
Step 4: #Bitcoin breaks out
Step 5: Altcoin pairs vs BTC start getting hurt
Step 6: More money rotates back into Bitcoin
:
Step 10: #Bitcoin >$75k
— Alistair Milne (@alistairmilne) May 8, 2021

The second-richest person in the world, according to Bloomberg Billionaire Index, created a pre-SNL hype on Twitter, fueling the price. The behind-the-scene tweet sure got the intended attention, as Doge’s value stayed bullish after briefly spiked to an all-time high of $0.73 during the New York session Friday.

Guest starring … pic.twitter.com/buM3bTOWbX
— Elon Musk (@elonmusk) May 7, 2021

Doge Takes a Dive

According to Bloomberg, the price of the token started plunging during the show. Currently, Doge is down 32 percent compared to Saturday’s high value.

Doge plunges after Elon Musk hosts SNL. Source: DOGEUSD on TradingView.com

Many experts warn traders to be careful when dealing with cryptocurrencies, and altcoins in particular. Investment in altcoins, such as Dogecoin is considered a high-risk enterprise. And although it is admittedly fun to watch the rises and falls of the joke token, it is precarious to invest a high percentage of any portfolio in Doge.