Press "Enter" to skip to content

Dogecoin loses a third of its price after Elon Musk calls it a scam on SNL show

Por Alden Bentley y Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) – Dogecoin lost more than a third of its price on Sunday, after Tesla boss and cryptocurrency supporter Elon Musk called it a scam during his guest host appearance on the TV show. “Saturday night Live”.

Dogecoin traded as high as $ 0.416 on crypto platform Binance, down 36% from levels around $ 0.65 before the show. The billionaire CEO of Tesla Inc hosted the SNL show at 11:30 p.m. EDT on Saturday (0330 GMT Sunday).

Cryptocurrency enthusiasts had been itching for days to see what he would say, after his tweets this year turned the once obscure digital currency that started as a social media joke into a speculator’s dream.

When asked “what is dogecoin”, Musk replied, “It is the future of the currency. It is an unstoppable financial vehicle that will take over the world.”

When the show’s cast member Michael Che replied, “So it’s a scam?” Musk replied, “Yes, it’s a scam,” and laughed.

His appearance on the iconic late-night show brings Musk back into the spotlight just as Tesla shares are losing steam after last year’s phenomenal rally.

The unconventional CEO has posted numerous comments about cryptocurrencies on Twitter and has criticized regular cash for having negative real interest rates. “Only a fool would not look elsewhere,” he said in February.

(Reporting by Gertrude Chavez-Dreyfuss and Alden Bentley in New York, and Noel Randewich and Hyunjoo Jin in San Francisco, Additional reporting by Joe White and Vidya Ranganathan and Megan Davies, Edited in Spanish by Manuel Farías)

Read more

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *