Elon Musk’s joke turned expensive; dogecoin plunges 28%

Abha Gupta. Dated: 5/10/2021 11:46:45 AM


ER ABHA GUPTA Jammu, May 9 Tesla CEO Elon Musk appeared on the comedy show ‘Saturday Night Live’ recently. However, his much awaited appearance turned out to be costly as the value of his self-proclaimed favourite cryptocurrency, Dogecoin, plummeted drastically after reaching an all-time high on Friday. On Friday, Elon tweeted an image of himself with a Shiba Inu puppy, the dog that is the face of Dogecoin. Following this, the value of Dogecoin, world’s fourth-largest cryptocurrency by market value, reached a record above 73 cents. Everyone was left wondering if the value of Dogecoin would cross a US Dollar. But to everyone’s surprise, its value dropped sharply on Sunday after Elon Musk called it a 'hustle' during the show. Dogecoin was quoted as low as $0.47 on Binance from $0.65 before the show. When asked on the show about Dogecoin, Musk replied, "It's the future of currency. It's an unstoppable financial vehicle that's going to take over the world." In it’s response, a show cast member Michael Che asked, "So, it's a hustle?" to which Musk replied, "Yeah, it's a hustle." And laughed it off. Later, his mother, Maye Musk, joined the show on the occasion of Mothers' Day and said, "I’m really excited for my Mother’s Day gift. Ia just hope it’s not dogecoin." Jokingly, he said, "It is". Seems like Musk's jokes were taken too seriously, causing a sharp decline in the prices that spurred many to sell their Dogecoins fearing losses. It is notable that Dogecoin has gone up more than 130-times this year. Over the past few weeks, Musk has been dropping cryptic tweets such as "The Dogefather" and "Woke James Bond" about its performance. The fall in the value of Dogecoin post the SNL episode started a meme-fest for the twitteratis with the micro-blogging site being flooded with comments and memes on the future of Dogecoin. It would be an interesting watch to see what the future holds for Dogecoin and other crypto-currencies.

 

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