Dogecoin Drops 30% After Elon Musk Calls It a 'Hustle' on SNL Weekend Update

Dogecoin Drops 30% After Elon Musk Calls It a 'Hustle' on SNL Weekend Update
There was a lot of controversy and backlash leading up to Elon Musk's big Saturday Night Live debut as host of the long running NBC late night sketch series. But heading into the show, many believed stock in Dogecoin would skyrocket with the entrepreneur's appearance. The opposite happened, after Musk called the Cryptocurrency a 'hustle' during a bit on Weekend Update.

Dogecoin dropped a whopping 30% in price once Sunday rolled around in the aftermath of Elon Musk's SNL appearance. Musk is the chief supporter of the cryptocurrency, and even joked during his opening monologue that he was gifting dogecoin to his mom for mother's day. Grilled by Weekend Update news anchor Michael Che about just what exactly dogecoin is, Elon Musk eventually gave up trying to explain it and declared that it was, as many have suspected, a 'hustle'.

According to reports, "Dogecoin was quoted as low as $0.416 on crypto exchange Binance,
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