Elon Musk Says Dogecoin Is A “Hustle” Leading To 35% Crash

Elon Musk Seemingly Crashes Dogecoin By 35%

Elon Musk is undoubtedly one of the most influential people in the world, albeit, he can come across as immature a lot of the time, and it leads to him doing more bad than good.

This was definitely the case on Saturday as he appeared on SNL and even took part in a skit where he played the Dogecoin expert Lloyd Ostertag.

During the Weekend Update sketch, Elon was asked if Dogecoin was a “hustle” to which he replied “Yeah, it’s a hustle. To the moon!” Elon’s love for Dogecoin has always been scrutinized as a bit of a pump and dump scheme and those fears were put into practice as his words immediately led to a 35% drop for the coin.

According to HotNewHipHop, after achieving a huge of 70 cents, the coin plummeted to 44 cents, and has since gone back up to 48.

Dogecoin holders dumped their bags in fear of what could happen and now, those who have been holding onto their investment, are worried that the $1 goal set months ago, is no longer attainable. In investment terms, most people buy the rumor and then sell the news, which seems to have been the case with Elon’s SNL appearance.

Everyone bought in anticipation of what might happen, but eventually, the momentum wasn’t strong enough to continue.