He started by claiming that Dogecoin was "the future of currency. It's an unstoppable financial vehicle that’s going to take over the world."
But when co-host Michael Che asked: "So, it's a hustle?", Musk laughed and replied "Yeah, it's a hustle".
Within 45 minutes, Dogecoin's price had dipped from $0.66 to $0.51, and would hit $0.43 later on Sunday morning.
The so-called 'memecurrency' is incredibly close to regaining its market position from before Musk's SNL appearance, following the Tesla CEO's latest intervention.
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