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-4.82%Reading
Dogecoin (DOGE) has hit another all-time high, just 21 hours before Elon Musk is anticipated to air a skit about the coin on Saturday Night Live.
Dogecoin hit $0.73 at 6am UTC before retreating to its current price, $0.71, according to data from market analytics site Nomics. Saturday Night Live, the comedy show that the Tesla and SpaceX CEO is hosting, airs at 8.30pm Pacific Time (PT), or 3.30am UTC.
At its peak today, the joke coin, created in 2013 to mock Bitcoin (BTC) spinoffs, almost surpassed the market cap of the third-largest cryptocurrency, Binance Coin (BNB). At $0.73, Dogecoin’s market cap reached $95.3 billion, just 1.6% less than the market cap of BNB.
“For everyone in the #binance ecosystem, don’t get distracted, just keep #buidling,” tweeted Changpeng Zhao, Binance’s CEO.
#bnb market cap only 3% higher than #doge. 😂
For everyone in the #binance ecosystem, don’t get distracted, just keep #buidling. 💪 pic.twitter.com/zhCmrjnqEy
— CZ 🔶 Binance (@cz_binance) May 8, 2021
Speculators believe that the SNL skit could introduce Dogecoin to a whole new audience. The hope is that viewers will become so entranced by the skit that they’ll buy Dogecoin, pushing up the price.
The skit has already helped Dogecoin. When Musk tweeted, “The Dogefather. SNL May 8,” on April 28, the price rose 15% to $0.32.
Dogecoin set its previous all-time high $0.69—a lewd number pushed by the Dogecoin Army, a group of die-hard fans—on May 5.
Elon Musk, the tech billionaire who can influence Dogecoin’s price with his tweets, warned his Twitter followers against overinvesting in crypto—a day before he’s expected to air a skit about the coin on Saturday Night Live. “Cryptocurrency is promising, but please invest with caution!” Musk tweeted. Dogecoin rose from $0.57 to $0.59 immediately after the tweet. It now trades for $0.62. Attached to Musk’s tweet is a video interview that online media outlet TMZ published in February. Cryptocurre...
Speculators hope that Musk’s skit will at least push the price up to $1 by Monday. Betting site MyBookie lists the odds as +145 for Yes and -190 for No.
Musk has never confirmed personal investments in Dogecoin—except on behalf of his son. But Tesla holds Bitcoin in its treasury.
Gemini and eToro listed the coin earlier this week, and Robinhood’s crypto trading service went offline as Dogecoin soared. Coinbase, the US’s largest cryptocurrency exchange, has still not listed it.
Dogecoin is an extremely volatile cryptocurrency with a track record of pumps and dumps. It’s risen from under $0.01 in January to today’s all-time high of $0.73 with a number of spectacular rises and crashes.
Should the coin crash shortly after Musk’s skit, investors may no longer find the coin so funny.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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