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Dogecoin Spikes on Elon Musk’s SNL Tweet
The Tesla CEO referred to himself as “The Dogefather” ahead of his SNL appearance on May 8.
Updated Sep 14, 2021, 12:47 p.m. Published Apr 28, 2021, 8:43 a.m.
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.
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- 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.
The Dogefather
— Name (@elonmusk) April 28, 2021
SNL May 8
- 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.
See also: Mark Cuban Touts Dogecoin on ‘Ellen’: ‘A Whole Lot Better Than a Lottery Ticket’
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