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Home >Markets >Cryptocurrency >Dogecoin rallies over 20% on Elon Musk’s SNL tweet

Tesla Inc founder Elon Musk on Wednesday sent out a cryptic tweet on digital currency, Dogecoin, ahead of his hosting of American live television sketch comedy and variety show, Saturday Night Live (SNL), on 8 May 2021. This sent prices of the controversial cryptocurrency more than 20% higher to $0.33.

At 6.50pm IST, DOGE was trading 15.5% higher at $0.32, after moving in a wide range of $0.26-$0.33 over the past 24 hours, as per Coingecko. The digital asset with a market capitalization of over $41 billion is the sixth-biggest cryptocurrency in the world.

Musk is one of the most prominent backers of the digital currency. “The Dogefather SNL May 8," Musk tweeted on Wednesday, hinting at the possibility of the crypto asset featuring on the upcoming episode of SNL.

Earlier, the American show did a skit on what NFTs or non-fungible tokens are. In the sketch, actors dressed up as the US secretary of the treasury, Janet Yellen and comic character Robin explain the phenomenon through an Eminem-inspired rap. The SNL skit is an example of how cryptocurrency scene has exploded globally in recent months.

Musk, who is the one of the richest persons in the world, has time and again come out in support of DOGE. Some of his earlier tweets read, “Dogecoin is the people’s crypto" and “No highs, no lows, only Doge."

Last week, DOGE had hit a high of $0.41 after Musk tweeted a painting of DOGE but slipped to a low of $0.25 later as experts highlighted the lack of fundamentals driving the rally.

Created in 2013 a joke or a meme in comparison to the world’s oldest cryptocurrency, bitcoin, DOGE, has jumped over 13,000% over the last one year.

Experts warn that investing in cryptos is highly risky and one should have complete understanding of how the industry works and one’s own risk profile before dabbling into the world of cryptocurrency.

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