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Dogecoin tumbles after Elon Musk calls it a ‘crowd’ on the ‘SNL’ show

(Updates with prices, offers)

By Alden Bentley and Gertrude Chavez-Dreyfuss

NEW YORK May 9 (Reuters) – Dogecoin levels fell sharply in the early hours of Sunday, after Tesla boss and cryptocurrency supporter Elon Musk called it a ‘crowd’ during his guest-host spot on “Saturday Night Live” “The comedy outlines the TV show.

Dogecoin was quoted as low as $ 0.47 on cryptocurrency exchange Binance, down 28% from levels around $ 0.65 before the show.

Billionaire Tesla Incs CEO hosted the show at. 23.30 EDT Saturday (0330 GMT Sunday).

Cryptocurrency enthusiasts had been eager for days to see what he would say after his tweets this year made the once obscure digital currency a speculator̵

7;s dream.

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 a show crew member, Michael Che, countered: “So it’s a crowd?”, Musk replied, “Yes, it’s a crowd.” And laughed.

Musk is the rare business mogul who has been asked to host the venerable comedy TV show. The timing puts Musk back in the spotlight, just as Tesla’s stock is losing steam after last year’s monster rally.

The unconventional CEO has posted numerous comments about cryptocurrencies on Twitter, criticizing regular old cash for having negative real interest rates.

“Only a fool would not look elsewhere,” he said in February.

His cryptic tweets “Doge” and “Dogecoin are people’s crypto” that month started a rally in dogecoin – created as a parody of the more common bitcoin and ethereum.

On Thursday, Musk tweed: “Cryptocurrency is promising, but please invest with caution!” with a video clip attached, in which he said, “it should be considered speculation at this point. And then you know, do not go too far in the crypto speculation …”

But he also said in the video that cryptocurrency has a “good chance” of becoming what he called “Earth’s future currency.”

On crypto data tracker CoinGecko.com, dogecoin has jumped more than 800% over the past month and is now the fourth largest digital currency with a market value of $ 73 billion. It hit a record high Thursday over $ 0.73.

It has overtaken more widespread cryptocurrencies such as litecoin and tether.

Tesla said in February it bought $ 1.5 billion. Dollar in bitcoin and would soon accept it as a form of payment for its electric cars, a major step toward general acceptance that sent bitcoin to a record high of nearly $ 62,000.

Tesla shares closed 1.3% higher at $ 672.37 on Friday.

(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 Editing by Matthew Lewis and Simon Cameron-Moore)

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