Dogecoin Cryptocurrency Falls After Elon Musk Comment At “Saturday Night Live”

Elon Musk, the CEO of electric car company Tesla, made an appearance on the Saturday Night Live comedy show and likened it to a “hustle” to dogecoin, saying that it was worthless on Twitter on Sunday, after which the currency suffered a notable price decrease.

Cryptocurrency enthusiasts had been eagerly awaiting his statements for weeks, resulting in it becoming a trading spectacle. The technology will enable us to truly be the kings of the cryptocurrency market “Digital currency is the future of money. It’s unstoppable – and destined to crush the rest of the financial sector.”

Few businessmen get to be guests on “Late Night with David Letterman.” Musk’s appointment to the CEO post comes at a time when the stock is cooling following a year’s surge. The un-conventional CEO has tweeted numerous times about the negative real interest rates of cash alternatives like traditional currencies. In a widely distributed Twitter post on Thursday, Musk declared, “Cryptocurrency is promising, but please invest with caution!” a video segment in which he supplied a video clip illustrating “at this point, it should be regarded as a form of speculation One final bit of advice: Don’t take the crypto stuff too seriously.”

However, in the video, he noted that he thought that cryptocurrency could become the new world currency of the Earth. Cryptocurrency price tracking website CoinGecko.  DOGE price has shot up over 800% over the last month and now holds the fourth position in the market with a capitalization of $73 billion. By Thursday it had reached an all-time high of $0.73. Because of this, it has become more widely adopted than Litecoin and Tether, it has become more popular. The company confirmed in February that it had purchased $1.5 billion worth of the currency and planned to use it as a form of payment for the automobiles, with the result that bitcoin skyrocketed to a price of over $62,000.

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