Dogecoin is on the rise again and has risen to the area of $00.50! While 50 cents doesn’t seem like a big deal, earlier this year the cryptocurrency was barely pushing &00.04! One analyst credits Elon Musk’s upcoming appearance on ‘Saturday Night Live’ on May 8th to this spike in the cryptocurrency.
The meme-inspired token is up nearly 30% and more than 11,000% this year! Dogecoin’s first big spike took place in February, thanks to a series of tweets from Musk.
“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,”
wrote Edward Moya, senior market analyst at Oanda.
Elon Musk’s Upcoming ‘SNL’ Appearance Is Making Dogecoin Rise!
While it started in 2013 as a joke, Dogecoin has since gained a large following and has propelled to the top of the cryptocurrencies in term of percentage changes over the last few years. Other celebrities have endorsed Dogecoin like Mark Cuban, Snoop Dogg, and Gene Simmons.
While there has been some “controversy” about his upcoming ‘SNL’ appearance, it looks like you may want to get your hands on some Dogecoin before this weekend. It looks like the prices could spike yet again. I just wish I had held on to my Dogecoin from January. Instead, I sold it off and on over the first few months of the year for some quick cash. Looks like I’ll have to buy in quick at the increased price though!
“The real value is in today’s meme-driven culture and doge represents the network value of memetics, which may prove to be enormous. If at some point, the DOGE community decides to implement a burn or new supply mechanism, via a protocol hard fork, then this value will have a higher likelihood of being retained long-term.”
Dogecoin has been heavily criticized has not being “real” and worth nothing. However, with people still fuelling the buying and selling frenzy, it looks like it may be here to stay for a little longer!
What do you think? Are you looking forward to watching this? Let us know in the comments below.
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