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Dogecoin falls strongly after Elon Musk’s ‘Saturday Night Live’ speech

Tesla CEO on Saturday Night Live: Elon Musk participated in the program and, among other topics, addressed Dogecoin

Dogecoin’s value fell on Sunday morning, shortly after Elon Musk called the cryptocurrency a “hustle” (which although it can be literally translated as “fraud”, in Musk’s speech it had a closer sense of confusion or agitation) during his presentation on “Saturday Night Live”.

Dogecoin, which was quoted around $ 0.65 on crypto exchange Binance before the show, fell 28 percent to $ 0.47 after Musk’s appearance, according to Reuters.

Musk appeared on the show’s “Weekend Update” segment as the fictional financial expert Lloyd Ostertag. When asked about Dogecoin by co-host Colin Jost, Musk spoke about the future of the coin:

“It is an unstoppable financial vehicle that will take over the world,” he said.

“I understand that, but what is it, man?” Asked co-host Michael Che.

“It is a cryptocurrency that you can exchange for conventional money,” replied Musk.

“Oh, so is it hustle?” Asked Che.

“Yes, it’s confusing (hustle),” Musk replied, letting out a laugh.

Musk’s comments came days after Tesla’s CEO and founder of SpaceX warned investors to invest in cryptocurrencies “with caution”.

“Cryptocurrencies are promising, but invest with caution!” he tweeted.

Musk, one of the richest people in the world, had already encouraged his internet fans to invest in cryptocurrencies, focusing mainly on Dogecoin.

Elon Musk was credited by many for the increase in the value of the cryptocurrency, which rose from a fraction of cents to 64 cents this year.

Source: The Hill

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