Elon Musk fans ‘crying’ as he tells world Dogecoin cryptocurrency is a ‘hustle’

Fans of tech billionaire Elon Musk are "crying" after cryptocurrency Dogecoin's value dropped by a whopping 28% during his appearance on Saturday Night Live.

The eccentric SpaceX founder, 49, joked the digital currency was a "hustle" on the US comedy sketch show – crushing hopes to see the price of the "joke" digital currency soar.

Hustle is US slang for a fraud, swindle or aggressive selling, according to Google's online dictionary.

Asked what it was, the self-styled "Dogefather" replied: "It's the future of currency. It's an unstoppable financial vehicle that’s going to take over the world."

When cast member Michael Che countered, "So, it's a hustle?", Musk replied "Yeah, it's a hustle," and laughed.

The South African Tesla chief has voiced support for cryptocurrencies and on February sparked a stampede of investment in Dogecoin.

In a series of often cryptic tweets, he wrote "only a fool wouldn't look elsewhere", "Doge" and "Dogecoin is the people's crypto" that month.

On Thursday, he tweeted a video clip where he said: "It should be considered speculation at this point. And so, you know, don't don't go too far in the crypto speculation…"

But added that cryptocurrency has a "good chance" of becoming what he called "the future currency of the Earth."

Following his hosting stint on Saturday Night Live, his fans have been sharing their losses after investing in the cryptocurrency.

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With a series of angry face emojis, Buradaki Biri wrote: "I lost $3000. For you this is a snack but for me is a lot of money!!! I don't forget this."

Pam Bales replied: "All #doge holders had two rugs pulled out from underneath them. It’s only those who didn’t make a profit that push the rest of us to 'hold'.

"I bought in high and when @elonmusk pulled the rug in his first sketch I got out at a 7% profit."

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And with crying emojis, Jaspreet Singh added: "So elon you broke everyone's heart.

"Doge Dumping, I thought you are Dogefather but you.. not fair sir."

Other users tweeted: "Ooh is dogecoin going down because Mr Elon failed at appealing to the young by making an out of place joke? Keep crying b***hes.

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"What to do now? Cry or buy a Dogecoin?! @elonmusk Does anyone know anything about this?!"

Musk hosted the show at 3.30am on Sunday, UK time.

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

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