Dogecoin Spikes on Elon Musk’s SNL Tweet

Dogecoin Spikes on Elon Musk’s SNL Tweet

Elon Musk has teased his Twitter followers about the possibility of dogecoin (DOGE) featuring in his Saturday Night Live hosting debut prompting a spike in the crypto’s value.

  • The Tesla CEO tweeted Wednesday “The Dogefather SNL May 8” referring to his hosting spot on Saturday Night Live which was announced last week.
  • The tweet seemingly prompted excitement among dogecoin traders that the meme-based crypto would see further attention in front of a large television audience.
  • DOGE is a parody crypto derived from the "Doge" meme created in 2013, which has seen an increase in price of over 6000% in 2021, thanks in no small way to the attention garnered by the Tesla CEO.
  • Having trended downwards toward $0.25 over the previous 24 hours, dogecoin spiked more than 20% to over $0.31.
  • It subsequently pulled back and is priced at just under $0.29 at the time of writing.
  • Dogecoin most recently featured in Musk’s tweets on April 1 when he claimed that “SpaceX is going to put a literal Dogecoin on the literal moon,” in what may or may not have been an April Fool’s joke as DOGE, like all crypto, is digital by definition and not physical.
  • Joke or not, the tweet was followed by a 32% rise in the price of the Shiba Inu-represented crypto.
  • Source