As the Dogecoin community awaits Tesla CEO Elon Musk’s hosting appearance on TV show Saturday Night Live (SNL) on May 8, there are two questions on the minds of $DOGE holders.
The first is will Musk, who seems to be biggest celebrity fan of Dogecoin with his regular references to the super popular meme cryptocurrency in his tweets, mention Dogecoin on SNL? This hope/expectation is based on a tweet that Musk sent out on April 28, where he referred to himself as the “The Dogefather”.
1 Elon tweet created $3 billion in $DOGE market cap. $DOGE isn’t about crypto. It’s a bet on social media & the populist movement. https://t.co/cCkLlZWuot pic.twitter.com/zGzkp0qT4u
— Mira Christanto (@asiahodl) April 28, 2021
And the second question is will this latest bit of publicity be enough to propel the $DOGE price to $1 (either in the run-up to Musk’s appearance on SNL or afterwards).
As you can see in the chart below by TradingView, since Musk posted his “Dogefather” tweet, the Dogecoin price has gone from $0.2580 (at 06:15 UTC on April 28) to $0.3562 (at 09:30 UTC on May 1), where it is now, which means that DOGE-USD has gone up 38.06% in less than 72 hours. In fact, earlier today (at 04:40 UTC on May 1) the Dogecoin price hit $0.3733, which is currently today’s intraday high.
Five-Day DOGE-USD Chart (Bittrex) by TradingView
On crypto exchange Bittrex, the Dogecoin price recorded its all-time high — $0.4481 — at 13:30 UTC on April 16, which helped Dogecoin to briefly become the fifth most valuable cryptoasset by market cap.
On the same day that Musk sent out his “Dogefather” tweet, Joanna Ossinger, who is the Cross Asset Markets Editor at Bloomberg, published an article with the title “It’s Hard to Take Dogecoin Seriously, But the Doge Doesn’t Care”.
Jeffrey Halley, a senior market analyst at Oanda Asia Pacific Pte., told her:
Dogecoin has no apparent commercial or investment use other than as a conduit for speculative mania and the attempt to make a buck… I suspect much of its appeal lies in the fact that it is very, very cheap to buy and sell, as opposed to $60,000 for Bitcoin, making it much more approachable to a retail trader who fancies a flutter.
And John Wu, President of blockchain startup Ava Labs (which develops the software for the Avalanche blockchain), told Ossinger:
When your Chief Marketing Officer is Elon Musk, anything is possible,
Many people believe that the amazing rally that Dogecoin has enjoyed in 2021 — going from $0.0047 to $0.3562 for a gain of over 7,478% — would not have if trading platform Robinhood had not added support for Dogecoin on 16 July 2018.
One of those people who believes Robinhood should be given more credit is Dogecoin co-creator Billy Markus, who said yesterday:
Now, of course, wallets would be wonderful – to really unlock the potential of a cryptocurrency that is built to be sent around – and we shouldn’t stop wanting that. But I think the narrative is a bit too harsh in Robinhood. All things in perspective.
— Shibetoshi Nakamoto (@BillyM2k) April 30, 2021
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.