On Saturday, after the much- anticipated appearance of Elon Musk on Saturday Night Live, the value of his favorite cryptocurrency, Dogecoin dips by 23%. This happened after a joke cracked by Musk on the show calling the meme currency a 'hustle'.
The Tesla founder was one of the few business tycoons to host the show. Many fans had speculated yesterday that his main point of discussion will be about Dogecoin. They had even expected the value of Dogecoin to surge giving a tough competition to US dollars. But, to the dismay of many, the #Dogecointomoon didn't become a reality.
It was a tweet by The Boring Company founder Musk on Friday that rose the value of the digital currency to 73 cents. He had tweeted his picture with the face of the Shibha Inu, the dog that features on the coin. In fact, it became the fourth largest cryptocurrency in terms of market value following this spike on Saturday.
Answering questions in the character of financial expert on the Weekend Update segment of SNL, Musk was asked "What is a Dogecoin?" repeatedly. The Dogefather Musk replied "It is a hustle!". This sentence led to the huge tumble bringing the value as low as 51.5 cents. A single joke brought down the entire hype of the cryptocurrency.
Twitteratis never let such comic tragic events pass without giving it a proper attention. Expectedly, twitter exploded with memes on the future of Dogecoin and its relevance.
Here are some of the most funny ones:
In Spite of the dip, the #DogeArmy continue to root and rally for raising the coin's value. In the beginning of the year, the value of each token was less than one cent. After its historic surge and fall, the world's second richest man still continue to be a fan of it.