Dogecoin’s value tumbles after 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.