- Elon Musk has become the Dogecoin market maker.
- Musk will be participating in a Saturday Night Live show titled “The DogeFather”.
- Musk’s tweet about currency tends to push it up.
Dogecoin is setting up its debut into the mainstream of cryptocurrency. The meme currency is pumping over last week, which brings up to 12% a day to 43.8% on a 7-day basis. At present, some believe the convention has fueled due to Elon Musk’s appearing in Saturday Night Live show titled “The DogeFather”.
Moreover, the relationship between Elon Musk and his tweets are very strong. After numerous studies, it’s shown that Musk’s tweet about currency always drives it higher.
In January, the Blockchain Research Lab published a paper, “How Elon Musk’s Twitter activity moves cryptocurrency market,” that discovered fewer occurrences of Musk’s social media activity driving DOGE higher.
In addition, Saturday Night Live skit has previously played a music-heavy on Non-fungible token in March, however, the price of NFT has receded in a “silent crash” since then.
Elon Musk’s Tweets Tends To Drive Dogecoin Higher
Elon Musk has given support to Dogecoin over the past year through his tweets. Additionally, every tweet on Dogecoin upsurges its price. The Internet loves to call it “The Musk’s effect”.
Following Musk’s cryptic tweet from his social media account “Doge barking at the moon”, the value of Dogecoin has ascended to $0.45. According to CoinGecko, the DOGE price is $0.3854, at the time of writing.
More so, with his recent tweet on cryptocurrency, Musk prodded his followers about Dogecoin featuring in “Saturday Night Live” hosting debut. In addition, the value of Dogecoin ascended to 20% after Musk titled himself “The DogeFather” in his tweet. Meme currency “Dogecoin” is pumping as Saturday Night Live skit approaches.