Dogecoin hits a new all-time high of $0.73 today, ahead of Elon Musk's much-anticipated appearance on the "Saturday Night Live" (SNL) television program. Musk announced his SNL hosting appearance last week that pushed the cryptocurrency further upwards. In the last week’s tweet, Musk hinted that the cryptocurrency might be featured on the show by tweeting "The DogeFather SNL 8."
The much-anticipated appearance is set to be a potentially bullish event for his favorite cryptocurrency, Dogecoin. He even came up with the name “Dogefather,” while hinting at the cryptocurrency's potential appearance in the late-night comedy show.
In anticipation of his appearance, crypto netizens are celebrating through hilarious memes. On Twitter, #DogeCoinTo1Dollar and #DogecoinRise hashtags are trending worldwide.
Dogecoin’s value has risen phenomenally ever since Musk started to endorse the cryptocurrency.
He is sure that the meme-based cryptocurrency is rallying thanks to Elon Musk and has reached a new historic peak because the coin's favorite endorser Elon Musk is co-hosting the show on May 8.
Dogecoin’s price has soared an astounding 12,000% this year and about 30,000% since a low last July. Dogecoin’s market cap is known to have been digitally minted and is now about $90 billion, up from $35 billion just last week.
Even though Musk believes cryptocurrency could be the future currency of the earth, he still warns that people shouldn’t invest their life savings into cryptocurrency.
“First of all, I think people should not invest their life savings in cryptocurrency. To be clear, I think that’s unwise.”