Dogecoin DOGE/USD was not as mentioned as much as some had expected during Tesla Inc TSLA CEO Elon Musk's guest host appearance on "Saturday Night Live" last night.
But it did come up and is generating some buzz because Musk admits Dogecoin is "a hustle" at one point.
What Happened: Musk appeared as Lloyd Ostertag, financial expert, on the "Weekend Update" portion of the show to speak about cryptocurrencies with SNL's Michael Che.
After first asking to be called the "Dogefather" (a moniker he has used on social media), Ostertag and Che begin a discussion when Che asks what cryptocurrencies are.
"They're a type of digital money but instead of being controlled by a central government, they're decentralized using blockchain technology. And lately, prices have been soaring for cryptos like Bitcoin, Ethereum and especially Dogecoin," Ostertag says.
"And what is Dogecoin?" Che asks.
"Well, actually it started as a joke based on an internet meme. But now it's taken over in a very real way."
"OK, but what is Dogecoin?"
"Well, it was created in 2013 and has a circulating supply of 117 billion coins, of which 113 billion have already been mined."
"Cool. So what is Dogecoin?"
"Yeah, like I said, it's a digital currency."
"OK, like, for instance," Che says, pulling out a U.S. dollar, "this is a dollar, right? It's real."
"So what is Dogecoin?"
"About as real as that dollar."
Che asks fellow Weekend Update host Colin Jost to chime in, and Jost also ends up asking simply, "What is Dogecoin?"
"It's the future of currency," Ostertag replies. "It's an unstoppable financial vehicle that's going to take over the world."
"I get that, but what is it, man?" Che asks again.
"I keep telling you. It's a cryptocurrency you can trade for conventional money," Ostertag says.
"Oh. So it's a hustle?"
"Yeah, it's a hustle."
"Why didn't you just say that, man? Dogefather, everybody!"
"To the mooooon!" Ostertag says to end the bit.
Learn more: How to Buy Dogecoin
Why It Matters: The price of Dogecoin was expected to be affected by Musk's appearance on the show, given that his tweets on the cryptocurrency in the past have moved the price.
Price Action: Dogecoin is down 35.41% at $0.4618 as of publication time, according to CoinMarketCap.
Photo: Screenshot of "Lloyd Ostertag" on "Weekend Update" as he says "To the moooon!"
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