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Monday, June 14, 2021

Dogecoin price spikes after Elon Musk’s SNL appearance tweet, memes take over Twitter

After Elon Musk teased followers with a tweet about his SNL appearance featuring Dogecoin's mascot in Shibu Inu in it, the prices surged starting a meme-fest online.

By: Trends Desk | New Delhi |
Updated: May 10, 2021 11:27:35 am
elon musk, saturday night live, elon musk snl, elon musk dogecoin, dogecoin snl, dogecoin price surge, musk doge snl memes, viral news, Trending news, indian express newsDogecoin traders have taken over social media as they believe the cryptocurrency will hit the dollar mark with Musk's SNL appearance. (Source: Fireintheholee1/ Twitter)

SpaceX and Tesla CEO Elon Musk is all set to be a guest-host on Saturday Night Live (SNL) television programme. The  much-anticipated appearance is set to be a potentially market-moving event for his favourite cryptocurrency, Dogecoin.

Based on the “Doge” meme and started as a “fun” alternative to Bitcoin, Dogecoin’s value has risen phenomenally ever since Musk started to endorse it. And it was no different this time as well, with Dogecoin traders worldwide organising watch parties for Musk’s appearance.

Musk, who is the rare business mogul to be asked to host the live comedy show, teased all on the eve of the show with a tweet along with fellow guests. However, it wasn’t just the two other SNL guest stars — The Kid Laroi and Miley Cyrus — but he also included Dogecoin’s mascot, a Shibu Ina, photoshopping it of course. “I’m a wild card, so there’s no telling what I may do,” he was heard saying in a promotional video released by SNL.

SNL also informed that 100,000,000 DOGE will be distributed among everyone who takes part in the BTC streaming event. Promoting “crypto mass adoption,” they stated that Musk is hosting a 5000 BTC giveway during the show.

Shortly after, the price of the cryptocurrency rose to an all-time high of above 72 cents before falling slightly, Bloomberg reported.

Prices have soared an astounding 12,000% this year and about 30,000% since a low last July, the report added. “Dogecoin’s market cap — the value of all the coins known to have been digitally minted — is now about $88 billion, up from $35 billion just last week,” it said.

So, as the “dogefather” — a name Musk himself came up with — is all set to make an appearance in the late-night comedy show, people are celebrating it nearing the dollar mark through hilarious memes. On Twitter, #DogeCoinTo1Dollar and #DogecoinRise dominated trends worldwide.

Although Musk said that he believes that crypto could be the default future currency of the earth, nonetheless, people shouldn’t invest their life savings into cryptocurrency. “First of all, I think people should not invest their life savings in cryptocurrency. To be clear, I think that’s unwise,” he warned in a video released by TMZ.

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