Dogecoin prices surge again on Friday as Elon Musk, Tesla CEO, is set to appear on Saturday Night Live. Keep in mind that the executive has been behind the recent Doge success after promoting the virtual coin through his tweets.
Dogecoin rose to $0.63 after decreasing to about $0.52 earlier today.
Although the asset has been in the market since 2013 as a web meme, internet users united this week with an attempt to push the coin’s value to $1. You have probably noticed Dogecoin trending on various online forums and social media platforms like Twitter.
Cryptocurrency analysts expect Dogecoin to rise to new heights with Musk’s SNL appearance tomorrow. Almost every investor is anticipating that the CEO will mention the coin during the event. In one way or the other, you will expect DOGE prices to spike. What are your thoughts? Is Dogecoin relying on executives to ensure its success? Everyone seems to have unique speculations as far as the coin’s success is concerned. What traders know is that Dogecoin is now outperforming most assets in the cryptocurrency market.
According to Edward Moya, an Oanda market analyst, the coin is surging because most crypto investors want to be part of the buzz from Musk’s SNL show.
Now referred to as Dogefather, the CEO will undeniably talk about cryptocurrency. That will probably promote Dogecoin in the crypto market. Elon Musk might urge his fans to join the attempt of sending the coin to the moon.
Besides Musk’s backing, other prominent individuals and celebrities supported Dogecoin. For instance, the other day rapper Meek Mill joined the buzz purchasing Dogecoin worth about $50,000. Snoop Dog also commented about the coin early in February through his posts.
Popular platform Gemini announced Dogecoin support on Wednesday. That was after eToro includes DOGE services on Tuesday through their trading app.
Will Elon Musk appearing on Saturday Night Live help Dogecoin and its followers achieve their dream? That is pushing the asset to $1. Well, anything might happen. However, with the recent success of the CEO in the coin’s price, you can expect an upward movement.