Elon Musk was on Saturday Night Live last night and his appearance caused the meme cryptocurrency Dogecoin to crash 30 percent. He actually called Dogecoin a “hustle” during one of the skits.

Earlier this year, Musk played a role in shilling Dogecoin aiding its parabolic rise. That’s why it is odd to see him go on SNL and saying something that he knew would crash the market.

I have no idea what Musk’s angle is with all this but it is pretty lousy of him to shill Dogecoin to the moon and then do a skit that trashes it just months later.

I think part of the reason he was shilling Dogecoin is that he doesn’t want people buying precious metals, especially silver. Tesla’s business relies heavily on silver and if silver costs go up because of investment demand, that is going to be problematic for the company.

Ultimately though, this shows just how volatile these crypto markets are. If Musk can send Dogecoin crashing 30 percent with a single television appearance, similar things can happen with any of these cryptocurrencies.

That’s not to say I’m opposed to having cryptocurrencies, I just think it is foolish to have everything in these crypto markets because of how fast they can move.

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