Dogecoin moves closer to its $1 mark after setting a new all-time high of $0.74 just before Elon Musk’s SNL debut.
More social media engagement from Tesla CEO Elon Musk, as well as anticipation for his first-ever appearance on Saturday Night Live, in which he may mention Dogecoin, have driven the meme-based cryptocurrency’s price back into the stratosphere. DOGE was about $0.25 away from breaking the $1 mark after yet another price record appearance. The cryptocurrency, which began as a joke in 2013, traded about $0.005 at the start of this year, but its value has skyrocketed in the months after.
Dogecoin has increased by more than 22% to its most recent high
Dogecoin had retraced to below $0.6 since its previous all-time high, but the bulls took over again and forced it higher. Its price increased by more than 22 percent in a matter of hours, reaching a new high of $0.74. This price increase coincided with more Elon Musk tweets about his favorite meme coin. Elon Musk has been a vocal supporter of Dogecoin on social media for some time. In reality, he has referred to himself as the “DOGEFATHER” in the past.
Elon Musk can mention Dogecoin on Saturday Night Live
Several members of the crypto community have speculated that Elon Musk would mention Dogecoin in one of his Saturday Night Live sketches on May 8th, which could push Dogecoin’s price up. DOGE’s market value has risen to more than $90 billion due to its new achievement. As a result, the meme coin is around $5 billion away from eclipsing Binance Coin and breaking the top three coins in terms of market capitalization.
Outside of the crypto industry, the market capitalization of the meme cryptocurrency is now more significant than that of Airbnb, Uber, General Motors Company, Zoom, FedEx, and other companies. Several other celebrities have recently endorsed Dogecoin. The owner of the Dallas Mavericks, billionaire Mark Cuban, proposed Ellen DeGeneres welcome DOGE for her merchandise.