DOGE is about to make its popular culture debut. As a weeklong pump carries the meme cryptocurrency up 12% on the every day to $.33 and a staggerin
DOGE is about to make its popular culture debut.
As a weeklong pump carries the meme cryptocurrency up 12% on the every day to $.33 and a staggering 43.8% larger on a 7-day foundation, some are actually speculating the rally might be fueled maybe partially by a social media tease from billionaire Elon Musk that he’ll be collaborating in a Saturday Evening Dwell sketch titled “The Dogefather.”
The Dogefather
SNL Could 8— Elon Musk (@elonmusk) April 28, 2021
Musk’s fascination with the digital foreign money dates again to final yr, and he has just lately solely appeared to double-down on what could also be an elaborate social media prank. Whereas certainly one of his corporations, electrical carmaker Tesla, added BTC to the stability sheet final yr, the entrepreneur nonetheless appears to method crypto usually with a contact of befuddlement — admitting that blockchain might be the way forward for human commerce, whereas additionally poking enjoyable at its absurdities.
“What can be essentially the most ironic end result? That the foreign money that was invented as a joke in actual fact turns into an actual foreign money,” he stated of Doge in an interview in February.
Elon Musk talks about $DOGE Coin
(Launched four Hours In the past)@elonmusk stated “There’s a good likelihood that #Crypto is the long run foreign money of Earth … however which one is it going to be?” #Doge #DogeCoin #Bitcoin #cryptocurrency #cryptocurrencies #DOge pic.twitter.com/HDaf5jw3Xx— Kevin Svenson (@KevinSvenson_) February 6, 2021
The market, nevertheless, takes his presumably tongue-in-cheek Tweets very significantly. Whereas the correlation could also be free and sophisticated, a number of research have demonstrated that Musk tweeting in regards to the foreign money tends to drive it larger.
In January, the Blockchain Analysis Lab printed a paper, “How Elon Musk’s Twitter exercise strikes cryptocurrency market,” that discovered six situations of Musk’s social media exercise propelling DOGE larger.
Likewise, an evaluation from Protos discovered that 4 of his tweets had a double-digit percentile influence on DOGE’s worth (his tweets about Bitcoin and Ethereum may additionally transfer these markets, however DOGE’s decrease marketcap makes it simpler to pump).
DOGE is notably prone to buzz, with social media quantity — particularly constructive sentiment social media quantity throughout American daytime hours — constantly driving the foreign money larger.
Whether or not or not a sketch on Saturday Evening Dwell can have the same impact stays to be seen. The present performed a music-heavy explainer on nonfungible tokens in March, although NFT costs could have retreated in a ‘silent crash’ since then.