Dogecoin Price surges amid news of Elon Musk’s upcoming SNL appearance

May 6, 2021 | 5 minutes read

Dogecoin price reached a whopping 70 cents last night and many believe the news of Elon Musk’s upcoming SNL appearance is the reason behind this price hike.

 

The Jokecoin is not making people laugh anymore, it means serious business now and it has become one of the top cryptocurrencies to invest in, in 2021.

Related: Dogecoin Price surges more than 100% in 24 hours

Dogecoin price skyrocketed to almost 70 cents in the last 24 hours before pulling back and trading around 62 cents. For those of you who are unaware, Neuralink and Tesla CEO Elon Musk will be hosting a Saturday Night Live show on May 8 2021 and many analysts believe it is a big boost for Dogecoin.

 

On April 28th, Musk dubbed himself as a Dogefather in an SNL promo and tweeted about his upcoming appearance in the show. Elon Musk’s tweet alone sent the meme crypto price up by as much as 144%. Since the start of 2021, Dogecoin has jumped up to almost 14,000%. Anyone who had invested in it a couple of months ago is cashing in decent ROI right now. 

 

The price spike was also due to the announcement that the crypto trading platform Gemini would be supporting Dogecoin on their cryptocurrency exchange platform.

 

“We are thrilled to announce that trading and custody are now available for Dogecoin (DOGE), the funniest and friendliest crypto in the observable universe. Dogecoin is the people’s money. It’s organic, irreverent, and fun. Over the multi-millennia history of money, the majority of money (be it shells, beads, precious metals, etc.) has been what we the people say it is and believe it is.”

This is good news for those who have already invested or looking to invest in this cryptocurrency. More and more people will be willing to pour money into it and it is probably going to send the price even higher. If you look at its volume last night, it was around a staggering 50 million and it is the highest Dogecoin volume ever recorded. As more and more trading platforms joining forces with Elon Musk’s favorite cryptocurrency, it will be no surprise to see Dogecoin’s price reach the $1 mark in near future.

dogecoin-ranking
(Coinmarketcap)

 

From the above ranking list of top 5 cryptocurrencies by Marketcap. Not too long ago, Dogecoin was sitting right at the bottom of the top 5 list. Today, however, things are quite different. Dogecoin’s market cap is increasing rapidly, and it is around $21 billion away from surpassing the Binance coin. Another reason that establishes that Dogecoin is not a meme anymore but a super-contender that is gaining some serious attention. It has started becoming something of an asset that people can invest in and even use to purchase things online.

 

We recently saw Oakland A’s first MLB team selling tickets in exchange for Dogecoin. They sold two seat pods for 100 coins, for all four games. 

 

Why Elon Musk likes Dogecoin?

He once replied; “I love dogs & memes”.

elon-musk-dogecoin-tweets

Maybe that’s the reason? 

 

While there is no specific reason why he likes it so much, there’s no doubt that he is supporting it. Musk’s first-ever tweet supporting the cryptocurrency was just one word, “Doge”. 

 

This was followed by several others, such as last month’s tweet saying “Dogecoin barking at the Moon”.

 

The phrase “going to the moon” is widely used in trading markets to predict a stock price jump. And of course, the Dogecoin stock price surge followed.

He had called it the “peoples’ crypto” earlier too.

 

In a follow-up tweet he wrote:

“ No highs, no lows, only Doge.”

 

Adding to this, Tesla CEO Elon Musk said on Clubhouse, that he was “late to the party” and “Bitcoin is a good thing”.

“I do at this point think bitcoin is a good thing. I am a supporter of bitcoin. I am late to the party but a supporter. “

 

He then brings everyone’s attention to Dogecoin and reveals his likeness for the meme cryptocurrency.

“The most entertaining outcome… would be that dogecoin becomes the currency of earth in the future. Occasionally I make jokes about dogecoin, but they are really meant to be jokes. Dogecoin was made as a joke to make fun of crypto, but fate loves irony.”

 

Musk them made a meme of himself, inspired by Disney’s animated film, The Lion King, In the post captioned “ur welcome”, he poses as Rafiki and Simba’s face replaced by the Dogecoin mascot Shiba Inu Dog.

Just like his previous tweet influenced Dogecoin, going into SNL as a Dogefather can result in a Dogecoin price surge. Elon Musk’s upcoming SNL appearance is will surely have something to do with his favorite crypto too. One way or another, he is going to pull through for Dogecoin. So let’s keep an eye on those crypto stocks as he appears on SNL this Saturday.


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