Dogecoin dropped after Elon Musk calls it a ‘hustle’ on ‘SNL’ show

The value of Dogeshay was dramatically reduced on Sunday in the early hours of the United States, after Elon Musk, Chief and Cryptocurrency Advisor at the Saturday Night Live Comedy TV show called it a 'hustle' during his guest host role.

Dogecoin was quoted at $0.47 on the crypto exchange coin, down 28 percent from $0.65 prior to the broadcast.

The Chief Executive Officer of the billionaire Tesla Inc held the Show Saturday at 11.30 p.m. (0330 GMT on Sunday).

Days after tweets this year transformed the once dark digital currency into a fantasy of the speculator, fans of cryptocurrency were keen to see what he will tell.

When asked "what is dogecoin," Musk said, "It's the currency's the future. It will carry on the globe as an unstoppable financial vehicle."

"Is that a hustle?" Musk said, "Yes, it is a hustle," showcase member Michael Che countered. And smiled.

Musk is the odd corporate billionaire to anchor the venerable satire TV program. The timing highlights Musk, just as the stock of Tesla is gaining momentum after the monster rally last year.

Numerous remarks on cryptocurrency have been made by the unorthodox CEO on Twitter and regularly recorded by old cash for negative true interest rates.

He said in February. "Only a fool isn't going to look somewhere else."

His cryptic tweets "Doge" and "Dogecoin is the crypto of people" set off a rally that month in dogecoin – the most popular Bitcoin and ethereal parody.

Musk tweeted on Thursday: "Cryptocurrency's fine, but invest with prudence, please! "It should be taken into consideration conjecture at this stage, with a video clip added to it. And then, you know, in the crypto-speculation don't go too far."

But he said also, that the video contains a 'fair opportunity for cryptocurrencies to become what he termed the 'future money of the earth.'

Dog coin sprang over more than 800 percent over the previous month on crypt data tracker and is currently the fourth biggest digital currency, with a $73 billion market capitalization. On Thursday it reached a new high of over $0.73.

The more used cryptocurrencies such as Litecoin and Tether have been overtaken.

Tesla said it purchased $1.5 billion in bitcoin in February and soon will consider it as a payment method for its electric vehicles. This is a major step in terms of adoption that has to send bitcoin to a record high of almost $62,000.

At $672.37 on Friday, Tesla shares closed 1.3% higher.