Elon Musk Causes a Spike in Dogecoin

Last Updated: April 30, 2021

Elon Musk’s recent tweet about hosting Saturday Night Live led to an increase in value for Dogecoin. The tweet said “The Dogefather SNL May 8”, and it promptly drummed up hype amongst dedicated dogecoin traders, as the popular comedy show attracted a large television audience.

DOGE originated as a parody cryptocurrency, but since it was first developed in 2013, it has grown exponentially, and seen an increase of 6000% just in 2021 alone. Musk can be thanked for a lot of this.

When Musk put out his tweet, dogecoin spiked 20% and sat at more than $0.31. While it decreased a little bit, it is now sitting at around $0.29.

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