Many readings are set to be 'less bad' than hoped, according to analysts.
Analysts had expected the Tesla CEO or the 'Dogefather' to mention the meme-inspired crypto on SNL and send prices spiking, instead his plug saw the coin crash nearly 25% from $0.69 to $0.48.
The value of dogecoin dropped sharply in early U.S. hours on Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a 'hustle' during his guest-host spot on the "Saturday Night Live" comedy sketch TV show. Dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before the show. The billionaire Tesla Inc chief executive hosted the show at 11:30 p.m. EDT on Saturday (0330 GMT on Sunday).