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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.

Apr 28, 2021 at 8:43 a.m. UTC
Updated Sep 14, 2021 at 12:47 p.m. UTC

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.

  • 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.
  • 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.

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