The cryptocurrency that started as a joke in 2013 is still making headlines. DogeCoin first soared when internet users encouraged others to invest in the cryptocurrency. Additionally, the CEO of Tesla, Elon Musk, previously wrote about DogeCoin in several tweets, which captured the attention of people. Other people with a huge following also supported the crypto, like Mark Cuban and Snoop dog.
Prior to Musk's appearance on SNL this week, the digital currency rose as much as 55% on Wednesday morning. The surge pushed Doge Coin’s value to US $87 billion, making it the fourth most valued coin, according to CoinMarketCap. Similarly, Wednesday’s surge was driven by internet users who tried to push the coin to $1. However, the coin only reached $0.68 and it was trading at $0.65 afterward.
The digital currency also saw a short-lived boost on Sunday, ahead of Musk's appearance, and began to fall just hours before the show and continued to drop as Elon Musk delivered his opening monologue. Musk shared the news on the show that SpaceX will be launching a mission to the moon in 2022 with a CubeSat, a mini satellite used for space research, that has been paid for fully in DogeCoin.
The crypto traded at 55.5 cents as of 8:30 pm on Sunday in New York, down 15% compared to a day before.
References:
1) Abdulla, S. (2021, May 05). Dogecoin surges 55% as fans try to push it to $1. Retrieved May 06, 2021, from https://uk.finance.yahoo.com/news/cryptocurrency-dogecoin-bitcoin-ethereum-technology-elon-musk-gemini-etoro-074322900.html?guccounter=1&guce_referrer=aHR0cHM6Ly9jYS5maW5hbmNlLnlhaG9vLmNvbS9uZXdzL2RvZ2Vjb2luLWxvc2VzLXN0ZWFtLW90aGVyLWNyeXB0b2N1cnJlbmNpZXMtYml0Y29pbi1ldGhlcmV1bS1yYWxseS0wODQ0MzU1OTIuaHRtbA&guce_referrer_sig=AQAAALGCnq2UQhF6j2NKssHQMPZ5zzA0xtdm-jR10oPP4ihlkUNkRqUv_Kj5vfs7kt45ry7thbZKrV1mngKRazNbrF0pJala5qQozEadM-XO6SShh4Yhu-sKSV-9uj-mntbQt6SxEEfZu-Cv_rGDAreTLmzTF1bkxU56lY5vMF6OgmzD
2) News, B. (2021, May 05). The Dogecoin joke is turning serious as Value soars to nearly $90 billion in latest crypto binge. Retrieved May 06, 2021, from https://financialpost.com/investing/the-dogecoin-joke-is-turning-serious-as-value-soars-to-nearly-90-billion-in-latest-crypto-binge
3) Melin, A. (2021, May 09). Dogecoin Goes on Wild Ride as Musk Calls It a ‘Hustle’. Retrieved May 09, 2021, from https://www.bloomberg.com/news/articles/2021-05-09/dogecoin-goes-on-wild-weekend-ride-as-musk-calls-it-a-hustle?srnd=premium-canada
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