Dogecoin spiked from around 65 cents before the 5:05 p.m. tweet to only under 75 cents by 6:40 p.m.
Traders have poured money into Dogecoin in the week before Musk’s SNL appearance, during a bet Musk will have a skit featuring Dogecoin and drive the worth even higher.
Started as a joke, Dogecoin has surged to become the fourth most precious cryptocurrency, with its total circulation approaching $100 billion in value.
Over the past week alone, Dogecoin quite doubled in value, and it’s up nearly 1,000% over the past month.
Musk’s tweet of the image , which also includes musical guests Miley Cyrus and therefore the Kid LAROI, was retweeted quite 65,000 times and gathered quite 300,000 likes in only over two hours.
Guest starring … pic.twitter.com/buM3bTOWbX
— Elon Musk (@elonmusk) May 7, 2021
Musk issued a word of warning in an early Friday morning tweet, saying, “Cryptocurrency is promising, but please invest with caution!” Many are concerned Dogecoin’s price has ballooned thanks to rampant speculation, and its model of getting a vast currency supply makes it unsustainable.
Most of the most important spikes in Dogecoin’s price appear to be directly in response to tweets from Musk. In January, a tweet from Musk mentioning Dogecoin caused a 50% price spike during a little over an hour. His tweets about Dogecoin recently, including one last week where simply said “The Dogefather” followed by “SNL May 8” have continued to fuel the surge.
WHAT to observe FOR
Traders, many of whom communicate through Reddit, have vowed to require Dogecoin “to the moon,” meaning $1 a token.
Dogecoin Is Braced For An Elon Musk Bombshell in the week As Its Price Suddenly Bounces Back (Forbes)
Elon Musk Warns People To ‘Invest With Caution’ As Dogecoin Rallies before His SNL Appearance (Forbes)