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Dogecoin Soars To Record High After Elon Musk Teases Saturday Night Live Doge Appearance

by : Cameron Frew on : 08 May 2021 10:14
Dogecoin Soars To Record High After Elon Musk Teases Saturday Night Live Doge Appearanceelonmusk/Twitter/Forextime.com/Flickr

To the moon! Dogecoin stock reached an all-time high on the eve of Elon Musk’s Saturday Night Live appearance – with the possibility of a further guest star. 

If you’re unfamiliar with Dogecoin, it’s a cryptocurrency not terribly unlike Bitcoin – however, there’s no fixed amount and it’s being traded for pennies in comparison to thousands of dollars.

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However, while Bitcoin has seen record-breaking highs, Dogecoin has soared more than 9,000% this year alone, reaching its highest price yesterday, May 7. As always, the fire was stoked by Musk.

Musk will host SNL – the first non-entertainer or athlete to do so since Donald Trump in 2015 – with Miley Cyrus as the show’s musical guest. The Tesla and SpaceX whiz shared a photo on Twitter with the Doge of Dogecoin, writing, ‘Guest starring…’

With this, the cryptocurrency has reached $0.7037 – to put this into context, it was priced at $0.0026 this time last year. That’s an increase of more than 27,065%.

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Edward Moya, senior market analyst at Oanda, told Yahoo Finance, ‘Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live.’

He added, ‘Also known as the Dogefather, Musk will undoubtedly have a sketch on cryptocurrencies that will probably go viral for days and further motivate his army of followers to try to send Dogecoin to the moon.’

Whatever happens, Dogecoin’s price could go through the roof this evening. Alma Cortez, an investor in the currency, told Bloomberg, ‘A lot of this depends on what Elon Musk does, what he says. Everyone is going to be on their phones, but at the same time trying to pay attention to see what’s moving, because you don’t want to lose.’

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Fellow investor Ramy Bekhiet also said, ‘People are pushing it to hit that mark [of 80 or 90 cents]. And power to the people.’

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Cameron Frew

After graduating from Glasgow Caledonian University with an NCTJ and BJTC-accredited Multimedia Journalism degree, Cameron ventured into the world of print journalism at The National, while also working as a freelance film journalist on the side, becoming an accredited Rotten Tomatoes critic in the process. He's now left his Scottish homelands and taken up residence at UNILAD as a journalist.

Topics: News, Dogecoin, Elon Musk, Now, Saturday Night Live, stocks

Credits

Yahoo Finance and 1 other
  1. Yahoo Finance

    Dogecoin rises on eve of Elon Musk's SNL appearance

  2. Bloomberg

    Elon Musk on SNL Spurs Dogecoin Watch Parties After 20,000% Gains