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Elon Musk, DOGE market maker? Meme currency pumps as SNL skit looms

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DOGE is ready to make its popular culture debut. 

As a weeklong pump carries the meme cryptocurrency up 12% on the each day to $.33 and a staggering 43.8% increased on a 7-day foundation, some at the moment are speculating the rally may very well be fueled maybe partially by a social media tease from billionaire Elon Musk that he’ll be collaborating in a Saturday Night time Dwell sketch titled “The Dogefather.” 

The Dogefather
SNL Could 8

— Elon Musk (@elonmusk) April 28, 2021

Musk’s fascination with the digital currency dates again to final 12 months, and he has lately solely appeared to double-down on what could also be an elaborate social media prank. Whereas certainly one of his firms, electrical carmaker Tesla, added BTC to the steadiness sheet final 12 months, the entrepreneur nonetheless appears to strategy crypto usually with a contact of befuddlement — admitting that blockchain may very well be the way forward for human commerce, whereas additionally poking enjoyable at its absurdities. 

“What would be the most ironic outcome? That the currency that was invented as a joke in fact becomes a real currency,” he stated of Doge in an interview in February.

Elon Musk talks about $DOGE Coin
(Launched 4 Hours In the past)@elonmusk stated “There’s a good likelihood that #Crypto is the long run currency of Earth … however which one is it going to be?” #Doge #DogeCoin #Bitcoin #cryptocurrency #cryptocurrencies #DOge pic.twitter.com/HDaf5jw3Xx

— Kevin Svenson (@KevinSvenson_) February 6, 2021

The market, nevertheless, takes his probably tongue-in-cheek Tweets very critically. Whereas the correlation could also be unfastened and sophisticated, a number of research have demonstrated that Musk tweeting concerning the currency tends to drive it increased. 

In January, the Blockchain Analysis Lab revealed a paper, “How Elon Musk’s Twitter activity moves cryptocurrency market,” that discovered six cases of Musk’s social media exercise propelling DOGE increased.

Likewise, an evaluation from Protos discovered that 4 of his tweets had a double-digit percentile affect on DOGE’s worth (his tweets about Bitcoin and Ethereum can also transfer these markets, however DOGE’s decrease marketcap makes it simpler to pump).

DOGE is notably prone to buzz, with social media quantity — particularly constructive sentiment social media quantity throughout American daytime hours — constantly driving the currency increased.

Whether or not or not a sketch on Saturday Night time Dwell could have an identical impact stays to be seen. The present performed a music-heavy explainer on nonfungible tokens in March, although NFT costs could have retreated in a ‘silent crash’ since then.

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