The cryptocurrency Dogecoin fell by 22% on Saturday as a result of a remark made by Tesla CEO Elon Musk during his speech on Saturday Night Live.
Maye Musk, his mother, had expressed her excitement for the gift the Tesla CEO was going to get her for Mother’s Day during the display.
Maye Musk said, “I’m looking forward to my Mother’s Day present.” “I just hope it’s not dogecoin!” says the narrator.
Elon Musk said, “It is.” “It certainly is.”
Dogecoin, which had been trading at 70 cents at the start of Saturday, had fallen to 54 cents by the end of the day.
Musk, the world’s second richest individual, has been a vocal supporter of Dogecoin, the world’s fourth-largest cryptocurrency.
A tweet from him to his over 50 million followers typically results in an increase in Dogecoin activity. Dogecoin, he claims, is “the future of money, an irresistible investment vehicle that will take over the world.”