The meme-based cryptocurrency was up around 2% in early trade to $0.63 after falling to around $0.52 a day before. The cryptocurrency that started as a joke in 2013 has rallied this week as internet users have tried to push the value of the coin to $1. Some are predicting that Elon Musk hosting SNL on 8th May will send prices spiking over the weekend as it is widely anticipated that he will do a skit mentioning Dogecoin.
Elon Musk had previously joked about Dogecoin on Twitter.
The CEO of the world’s leading electric car maker Tesla Elon Musk had previously mentioned Dogecoin in his tweets many times that pumped its prices. Edward Moya, a senior market analyst at Oanda, said, “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.” “Also known as the Dogefather, Musk will undoubtedly have a sketch on cryptocurrencies that will probably go viral for days and further motivate his army of followers to try to send Dogecoin to the moon,” he added.
Elon Musk warns people to be careful about investing in Dogecoin.
Tesla CEO Elon Musk also urged people to be cautious when investing in cryptocurrencies Friday as his upcoming appearance on Saturday Night Live spurred investors to pile into ‘joke’ cryptocurrency dogecoin this week, leaving it the fourth most valuable cryptocurrency as its value soared to new record highs. The crypto enthusiast billionaire tweeted that while “cryptocurrency is promising,” people should “invest with caution.” Musk stressed that it would be “unwise” for people to invest their life savings in cryptocurrencies. It would be interesting to observe how Dogecoin reacts after Tesla CEO’s appearance on the famous Saturday Night Live.
Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq
— Elon Musk (@elonmusk) May 7, 2021