Elon Musk calls himself the ‘Dogefather’ on Twitter ahead of his much-anticipated “Saturday Night Live” appearance. Musk’s single tweet resulted in the price of the cryptocurrency to shoot up from $0.25 to $0.30 in just less than 15 minutes.
Dogecoin Pumps on Elon Musk’s SNL Tweet
In a first of a kind, Tesla CEO Elon Musk will be making his debut as the host of Saturday Night Live (SNL) next month with Miley Cyrus as the musical guest.
The 28-year-old pop star had announced the news with just an image of their names on the SNL cork board, her sixth appearance on the show.
The official Saturday Night Live Twitter account soon shared a similar image and added a caption of three spaceships (probably a tribute for the founder of SpaceX).
— Saturday Night Live – SNL (@nbcsnl) April 24, 2021
On April 28, Musk took to Twitter to post “The Dogefather”, while reminding his followers about his “SNL” appearance taking place on May 8. Perhaps Musk wanted to hint that Dogecoin will be part of his SNL hosting debut.
Following Musk’s tweet on the meme-based cryptocurrency, DOGE hit a 24-hour high of 19.2% and currently trading at 0.325861 at press time.
Musk’s Meme Tweets Pushes Dogecoin Prices Up
The Shiba-inu themed cryptocurrency started as an internet parody more than seven years ago but has since become a legitimate digital currency. Its market cap now stands at over $42 billion.
This is not the first time that Elon Musk has increased the value of Dogecoin. In February, the billionaire posted a sequence of tweets that made the cryptocurrency’s value go up 68%. With the latest tweet on DOGE, the cryptocurrency might go on a similar spike as the previous instance.
Even though Musk reportedly does not have significant Dogecoin holdings, he is quite popular for posting tweets on the cryptocurrency, often prompting its value to spike.
In January, Musk clarified in an interview that his posts about Dogecoin are just meant to be jokes that are to be taken lightly. However, they clearly have a real impact on pumping the overall value of the cryptocurrency.