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.
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.
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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