Dogecoin Drops a Third After Musk Tells It’s “Hustle” on SNL
Yesterday’s market chaos unfolds like a comedy sketch gone viral.
What Brought the Crypto Crash?
On May 9, Dogecoin (DOGE) left a trail of broken dollars chasing $0.416 on Binance, a 36‑percent swing from the $0.65 highs it tasted just before the sketch. The bit‑coin‑like meme currency tried to claw its way back, settling around $0.569 by the end of the day.
Musk’s Bold Appearance on SNL
Elon Musk – Tesla’s CEO, venture‑capitalizer, and Twitter tempter – landed a spot as the guest host on Saturday Night Live. The show aired at 11:30 p.m. EDT on Saturday (0330 GMT Sunday). His presence alone was a headline staple until the punchline was delivered:
- Musk was asked, “What is Dogecoin?” He answered with the flamboyance it deserves: “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.”
- When Michael Che countered, “So it’s a hustle?” Musk chuckled and confirmed: “Yeah, it’s a hustle.”
This was the moment the market took a tumble.
Why Is Dogecoin Gambling on Hustle?
Dogecoin began as a joke, a parody of mainstream assets like Bitcoin and Ethereum. Its sudden surge was amplified by Musk’s million-dollar tweets. Last month, the coin leapt over 800% and climbed to a market cap near $73 billion, making it the fourth largest digital currency.
Musk’s recent crypto chatter is a mix of caution and hope. On Twitter he warns: “Cryptocurrency is promising, but invest with caution!” while bragging that crypto might become “the future currency of the Earth.” The double‑edged sword is fierce – a tweet can send prices surging or plummeting.
What Experts Are Saying
- Georgetown University professor James Angel points out: “He can say anything; one word from Musk can move the market.” He cautions, “Anyone feeling the Musk hype should prepare to lose their money.”
- Blockchain VC Jehan Chu flips the script: “Long‑term fundamentals of Dogecoin are solid. It’s a buying opportunity.”
Retail Platforms Feeling the Heat
High traffic from the sell‑off sparked trouble for Robinhood. The platform tweeted early Sunday that it faced “intermittent issues” trading crypto due to the volatility. They later apologized and pledged to reach out to impacted users.
What’s on the Horizon?
Besides the rollercoaster, Tesla’s crypto credentials shine. The company bought $1.5 billion worth of Bitcoin and plans to accept it as payment for future EVs – a leap toward mainstream finance that had Bitcoin spiking near $62,000.
So while Dogecoin’s sprint to a $0.73 record high seemed bright, that day’s Che‑and‑Musk dialogue turned the merry ride into a bittersweet “hustle.” Whether this marks a further dip or just a mid‑course correction remains to be seen – but aftermarket tips suggest it’s a chance for braver traders to jump in.
