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

dogecoin elon musk snl memes

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.

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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.

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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.

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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.

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