Dogecoin drops after Elon Musk calls it a 'hustle' on 'Saturday Night Live'

The value of Dogecoin dropped early Sunday, shortly after Elon MuskElon Reeve MuskPress: Even Jeff Bezos should pay income taxes Democrats face new pressure to raise taxes On The Money: House Democrats line up .5T in spending without budget | GOP takes aim at IRS | House Democrat mulls wealth tax MORE called the cryptocurrency a "hustle" during his hosting appearance on "Saturday Night Live."

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

Musk appeared on the show’s "Weekend Update" segment as fictitious financial expert Lloyd Ostertag. When asked about Dogecoin by co-host Colin Jost, Musk explained it is "the future of currency."

"It's an unstoppable financial vehicle that’s going to take over the world," he said.


"I get that, but what is it, man?" co-host Michael Che asked.

"It’s a cryptocurrency you can trade for conventional money," Musk responded.

"Oh, so it’s a hustle?" Che asked.

"Yeah, it's a hustle," Musk replied, letting out a laugh.


Musk’s remarks came days after the Tesla CEO and SpaceX founder warned investors to invest in cryptocurrency "with caution."

"Cryptocurrency is promising, but please invest with caution!" he tweeted.

Musk, one of the richest people in the world, has previously encouraged his internet fans to invest in cryptocurrency, focusing mainly on Dogecoin.

Musk has been credited by many for the surge in the cryptocurrency’s value, which has increased from a fraction of a cent to 64 cents this year.