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‘Dogefather’ Elon Musk jokingly calls token a hustle as price falls under $0.50

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Meme-based cryptocurrency Dogecoin, usually pushed by Elon Musk on Twitter, acquired its second through the Tesla CEO’s look on Saturday Night time Dwell, however the shoutouts did not drive the price to the moon.

Throughout his opening monologue on the comedy present, Maye Musk jokingly informed her son she hoped she wouldn’t be receiving any Dogecoin (DOGE) as a part of her Mom’s Day present that weekend. Although the preliminary point out acquired its share of snickers from the reside viewers, Musk’s look as “monetary professional” Lloyd Ostertag on Saturday Night time Dwell’s Weekend Replace phase was extra in-depth, and preceded a 30% drop within the price of DOGE.

Referring to his character as the “Dogefather,” Musk stated costs had been hovering for Bitcoin (BTC), Ether (ETH), and DOGE, however was jokingly unable to offer a solution to SNL solid member Michael Che’s query on “What is Dogecoin?” The visitor dodged and deflected with details about the token’s historical past and circulating provide, however ultimately stated DOGE was “about as real” as U.S. {dollars} and referred to the cryptocurrency as a “hustle.”

Shortly after the opening monologue, the price of DOGE fell from $0.69 to under $0.50 for the primary time because it had surpassed a half greenback in early Might. Although it partially recovered following Musk’s “Dogefather” phase, the token fell as low as $0.43 within the final 24 hours and is buying and selling at $0.48 on the time of publication.

Many anticipated Musk’s look on the comedy present to pump the price of DOGE after he hinted on Twitter two weeks in the past that he could be starring in a sketch or as a character referred to as the Dogefather. Tweets from the Tesla CEO and Dallas Mavericks basketball proprietor Mark Cuban as properly as posts from retail buyers on r/WallStreetBets might have been liable for vital price surges within the token this 12 months — the price of DOGE was under $0.01 on Jan. 1.

As components of the crypto house are reported on mainstream media shops, parodies like these on Saturday Night time Dwell might attain a wider viewers. The NBC present already launched a rap sketch centered across the craze behind nonfungible tokens in March. As well as, Beacon Photos is reportedly planning to supply a crypto-themed TV comedy collection.

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