Dogecoin’s value tumbles

Elon Musk calls the virtual currency a ‘hustle’

The price of dogecoin tumbled by as much as a third on Sunday, after billionaire Elon Musk, one of its biggest supporters, appeared to call the virtual currency a “hustle” while hosting Saturday Night Live. Cryptocurrency watchers had high expectations of what Tesla chief executive and crypto-enthusiast Musk, who has called himself the “Dogefather”, would say while hosting the American comedy sketch show, and dogecoin had risen in anticipation.

However, Musk’s appearance had the opposite effect to that expected by investors. Dogecoin, a cryptocurrency similar to bitcoin which was started as a joke, fell by 35% at one point to reach $0.47 (£0.34) against the dollar, according to news website Coindesk. By Sunday evening (UK time) it had recovered slightly to reach $0.49, although that was well below the $0.68 it hit before the weekend after surging interest from investors.

https://www.theguardian.com/

Comments are closed.