For these nonetheless perplexed with what precisely the meme cryptocurrency Dogecoin is, Tesla’s Elon Musk himself made a great try to clarify it on the American late-evening comedy sketch show Saturday Night Live’s (SNL) satirical news programme Weekend Update. Musk defined Dogecoin’s nature and its significance in the economic world in more techniques than one would normally assume of to the programme hosts Michael Che and Colin Jost who repeatedly pressed the billionaire entrepreneur to answer “what is Dogecoin?”
However, Dogecoin’s price tag declined almost 22 per cent throughout the early US hours on Sunday following Musk, the self-proclaimed ‘Dogefather’, replied that it is a ‘hustle’ throughout the show. Dogecoin dropped from 64 Cents at the starting of the SNL at 11.30 pm EDT Saturday (3.30 am GMT Sunday) to 50 Cents at 6 am EDT Sunday, as per information from Coindesk.
“It started as a joke based on an internet meme but now it has taken off in a very real way,” Musk replied after to Che at the starting of the show. “It was created in 2013 and has a circulating supply of 117 billion coins, of which 113 billion have already been mined,” he replied once more as the audience laughed at Che’s identical query once more: “So, what is Dogecoin.” “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world,” Musk added.
Also study: Elon Musk sounds caution on cryptocurrency: ‘Don’t threat life savings, invest with caution’
“I get that, but was is it man?” stated Che. “I keep telling you, it’s the cryptocurrency you can trade for conventional money,” Musk smiled. When Che countered,” So, it is a hustle?” Musk responded, “Yeah, it’s a hustle,” and laughed. Musk was introduced as a ‘financial expert’ named Lloyd Ostertag in the show.
On Friday, Musk urged investors seeking to invest in cryptos to refrain from placing their life savings into it. “First of all, I think people should not invest their life savings in cryptocurrency. To be clear, I think that’s unwise,” he stated in a video released by TMZ. “Cryptocurrency is promising, but please invest with caution,” Musk had tweeted on Friday with the hyperlink of the TMZ video on Twitter. Named following a meme of the Japanese dog breed Shiba Inu and began as a satirical option to Bitcoin’s craze, Dogecoin is currently the fourth-biggest cryptocurrency as per CoinMarketCap. It was trading at 52 Cents with a industry cap of $67 billion, at the time of filing this report. The coin had earlier peaked at $.41 on April 20 this year just before sliding to $.23 on April 24.