Dogecoin's value plummeted more than 30% after Elon Musk poked fun at the cryptocurrency and called it a "hustle" during his hosting of Saturday Night Live.

Musk's appearance on the show last night (May 8) was expected to push the meme coin to new heights, but instead it has fallen from about 70 cents before the show to just 47 cents as of this writing.

Mr. Musk, who has long referred to himself as a "Dogefather" and repeatedly talked about memecoin, mentioned Dogecoin several times during his SNL appearance. During his opening monologue, Mask took the stage with his mother, Mae, and joked that she was looking forward to her Mother's Day gift. Mask replied that she was.

Later, the billionaire Tesla CEO played Dogecoin expert Lloyd Ostertag on Weekend Update, with cast member Michael Che repeatedly asking him what Dogecoin is.

"It actually started as a meme on the Internet, but now it has taken over in a very real way," Musk countered, before describing it as "the future of currency. It is an unstoppable financial tool and it is about to take over the world."

Asked one last time what Dogecoin is, Musk replied, "A cryptocurrency that can be exchanged for conventional money."

"Yes, it's a hustle," Mask said, "To the moon!" I exclaimed.

Dogecoin started the year with a value of $0.005, but has surged in recent months, reaching a high of $0.71. This represents an astounding growth of more than 12,000% by 2021, making it one of the best performing cryptocurrencies, with a market capitalization of about $80 billion just a few days ago. It is currently at $63 billion.

Investors were eagerly awaiting Musk's SNL appearance, and some expected Dogecoin's value to soar even higher.

However, the day before his SNL appearance, Musk had urged investors to be cautious about putting money into cryptocurrencies, which may have been sage advice given Dogecoin's price drop over the past few hours.