Dogecoin Surge Fuelled By Elon Musk SNL Appearance, Says Analyst
Tesla CEO Elon Musk has long been a proponent of both Bitcoin and meme cryptocurrency Dogecoin, and an upcoming TV broadcast has fans of the latter driving the price up significantly.
Dogecoin is up almost 40% within the last 24 hours alone, in anticipation of Musk’s upcoming appearance on Saturday Night Live, as reported by CNBC. Musk will host SNL with the help of Miley Cyrus on May 8, and investors don’t want to miss out on owning some of the joke, pump-and-dump digital currency when the episode airs.
Elon Musk Declares Himself ‘The Dogefather’ to Promote Upcoming SNL Appearance https://t.co/zfY9l92cOJ
— TeslaNorth.com (@RealTeslaNorth) April 28, 2021
Senior Market Analyst at Oanda Edward Moya confirmed that consumers are looking to benefit from the currency’s rise, especially as the SNL appearance approaches.
Moya wrote, “Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live.”
Elon Musk was recently spotted signing autographs in New York City, and was asked about plans for the SNL episode, Dogecoin, and if the CEO billionaire planned to do any impressions during the broadcast.
While Dogecoin has been criticized for its alleged lack of inherent value, and many experts believe that the bubble should have popped by now, Musk has continually joked about the meme cryptocurrency on the internet, with consumers driving the digital currency’s price up each time.