Dogecoin, the fifth most valuable cryptocurrency, retreated from an all-time high after billionaire Elon Musk, appearing on Saturday Night Live, jokingly called it "a hustle".

The altcoin had surpassed 73 US cents on May 8 before dropping to 46.01 US cents as of 8.08am in New York on May 9, a 35% decline in 24 hours, according to pricing from CoinGecko.

Dogecoin had not been below 50 US cents since May 4, amid a rally in anticipation of the “SNL” episode. The activity may also have affected Robinhood, which said earlier that it was having some issues with crypto trading, citing high volume and volatility.

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