Cyptocurrency Dogecoin fell sharply ahead of Tesla CEO Elon Musk’s appearance on “Saturday Night Live.”
Dogecoin slumped by as much as 8% in the past 24 hours at 7:20 p.m. in New York, according to Coindesk. It is to be noted that Musk, who is the second-richest person in the world, helped drive Dogecoin to a record on Friday (May 8) after he tweeted a picture of himself and a Shiba Inu on the set of the iconic NBC show.
It is interesting to note that Dogecoin started as a joke in 2013. According to Coindesk, the cryptocurrency has surged more than 13,000% this year. Musk has been one of the biggest boosters of Dogecoin, along with Mark Cuban, Snoop Dogg and Gene Simmons.
Earlier on Friday, Musk had tweeted that cryptocurrencies are “promising, but please invest with caution,” while linking to a video in which he can be heard talking about the merits of crypto, particularly Dogecoin. It is to be noted that Musk has been regularly tweeting favourbale things about Bitcoin and Dogecoin.
Musical guest Miley Cyrus wasn’t taking the host’s obsession with the coin too seriously, according to a tweet she posted on Saturday.