The value of dogecoin, the cryptocurrency inspired by the popular Shiba Inu meme, sank shortly after the long-anticipated appearance of Elon Musk on popular US television variety show ‘Saturday Night Live’.
Dogecoin lost more than a third of its value this week after Musk, whose tweets caused a huge price spike in the meme-based crypto this year, suddenly called it a “hustle.”
RT’s Boom Bust talked to Tobin Smith of Transformity Research to understand whether there’s any value to the cryptocurrency that was heavily boosted by the eccentric billionaire’s tweets.
“It’s a good sentiment indicator, that’s exactly what it is,” Smith said, stressing that sentiment is one thing and value is another.
For more stories on economy & finance visit RT’s business section