TlL;DR Breakdown
- Doge price responds to Musk tweet again
- Musk’s influence on Doge investors
Yet again, American billionaire, Elon Musk has singlehandedly pushed meme coin Dogecoin price up by 10 percent after tweeting about the coin. Although his tweet this time is not an endorsement for the crypto, the magic had the same effect on the crypto price.
The Tesla CEO on Saturday night confirmed that a comedy skit on Dogecoin would feature in next week’s Saturday Night Live show.
He then went on to ask that which skits should he commission for the show, which he is hosting on May 8. The request enjoyed massive engagement, and one request continued coming up with Dogecoin.
Elon Musk eventually responded to one that requested “Summit about the DOGEFATHER.” He tweeted, definitely. Afterward, the meme coin price rose by 10 percent to $0.4, similar to how it happened in December 2020 when Musk tweeted, “One word: Doge.
He has previously revealed he was making a skit on Dogecoin last month when he tweeted: “The Dogefather. SNL May 8.” The price of the meme coin also spiked 15 percent on that news.
Behind Elon Musk tweets and Doge price surge
Each time the Tesla boss mentions Doge on Twitter now, it appears he is screaming from the largest megaphone in the world. Interestingly, the billionaire never gets tired of it.
However, his tweets are no longer as effective on the meme coin like before. However, when the billionaire speaks n Dogecoin SNL n Tuesday, March 8, the billionaire would reach an entirely new audience.
Spectators anticipate that the speech would captivate a whole new crowd, who’ll flock to Dogecoin following Elon Musk’s endorsement of the coin. If the skit is funny, timely, and bullish enough, the gamble is that Doge investors will harvest bountifully as the price of the meme coin would rise sporadically.
Over time, Elon Mush has been an inspiration for new Doge investors with little insight into crypto. When he first spoke about Doge, the coin experienced an incredible rise of 50,000 million dollars, becoming the fourth digital asset with the most significant global capitalization.
Reddit news mentions that investors with little information about crypto, encouraged by Musk, have made a profit by relying on cryptocurrency.
