Chinanews.com, May 10th. On the 8th local time, Elon Musk, CEO of Tesla's electric vehicle production company, was asked by the host repeatedly whether "Dogecoin" was in a program. What? When the other party questioned that "Dogecoin" is a "hustle" (hustle), he finally gave a positive answer.
It is worth noting that after Musk made this reply, the virtual currency that had soared "out of the circle" also plummeted by nearly 40%.
Data map: Musk.
Musk admits it is a scam? "Dogecoin" plummeted by nearly 40%!
On the evening of the 8th local time, Musk participated in a late-night comedy show "Saturday Night Live" (SNL) program in the United States.
He mentioned "cryptocurrency" and "Dogecoin" many times in the show.
When asked "What is Dogecoin", Musk replied: "This is the future of currency. This is an unstoppable financial instrument that will occupy the world."
Musk also said that the Mother's Day gift given to his mother was "Dogecoin."
But the host asked Musk 6 consecutive questions about "What is Dogecoin?" and insisted at the end: "So, is this a hustle?".
Musk finally replied: "Yes, this is a scam", and then smiled helplessly.
The host immediately responded: "It's okay to say that early in the morning."
After Musk's speech was broadcast, the "Dogecoin" market took a sharp turn.
As of the morning of the 9th local time, the trading price of "Dogecoin" was approximately 0.44 cents per coin, down 38.6% from the previous trading day.
Is the next bitcoin coming? "Dogeecoin" has successfully "out of the circle"
What exactly is "Dogecoin"?
"Dogecoin" is a virtual currency marked with a Shiba Inu's head.
After Bitcoin broke the historical record one after another, "Dogecoin" has also successfully "out of the circle" and attracted market attention.
And this is naturally inseparable from Musk's "carrying goods."
Musk has always been one of the highest-profile supporters of "Dogecoin", and he often publishes praise posts on his social media, which directly promotes the increase in the value of this cryptocurrency.
Initially, "Dogecoin" was mainly active in the online community Reddit.
Due to its strong liquidity and low price, it has an entertaining and joking meaning, and it is quickly welcomed by the market. It has grown into the second largest virtual currency after Bitcoin in terms of users, and has repeatedly started the skyrocketing mode.
In January 2018, the market value of "Dogecoin" exceeded US$2 billion.
In July 2020, "Dogecoin" set off a wave of climax on social media, with a surge in trading volume and a price soaring more than doubled.
By 2021, the market value of "Dogecoin" once exceeded 9 billion U.S. dollars.
Originally, the news that Musk was on the SNL program made people more interested in this coin, but no one had thought that Musk's speech on the program made the price of "Dogecoin" "fallen drastically".
However, on the 7th, Musk issued a brief warning. He emphasized that although "cryptocurrency is promising", people must "invest with caution."
William Li, the chief researcher of OKEx Research Institute, once said, "Dogecoin's fire is mainly due to Musk's'carrying goods'. If Musk does not continue in the future, or there is no actual support action,'Dogecoin' 'It will fall to its original level, and there is even a risk of a crash.'