DOGE is about to make its pop culture debut.
Some are already theorizing that the surge could be fuelled in part by a social networking hint from billionaire Elon Musk that he’ll be appearing in a Saturday Night Live sketch dubbed “The Dogefather”. This is followed by a weeklong boost that has carried the meme digital currency up 12 percent on the daily to $.33 and a whopping 43.8 percent higher on a seven-day period,
Musk’s interest in bitcoin arose in the previous year, and he’s only lately apperaed to double-down what could be an elaborate social media joke. Although one of his firms, Tesla, introduced Bitcoin to the balance sheet in the previous year, the billionaire also acknowledged that blockchain might be the potential of modern trading while still mocking its ridiculousness.
“What would be the most ironic outcome? That the currency that was invented as a joke in fact becomes a real currency,” he discussed Doge in an conversation in February.
The market, on the other hand, takes his probably sarcastic Tweets very seriously. Although the connection could be shaky and complicated, several reports have shown that Musk posting about the currency causes it to rise.
The Blockchain Research Lab released a paper in January titled “How Elon Musk’s Twitter activity moves cryptocurrency market,” in which they discovered six cases of Musk’s social networking behavior driving DOGE higher.
Similarly, according to Protos, four of his tweets created a double-digit percentile effect on DOGE’s value. In fact, his posts regarding Bitcoin and Ethereum could still drive those markets, but DOGE’s smaller marketcap allows pumping quicker.
DOGE is particularly vulnerable to social network activity, with favorable emotion social media volume throughout American daytime hours regularly pushing the currency upward.
It needs to be seen if a sketch on Saturday Night Live would have a similar impact. In March, the show aired a music-heavy explainer on nonfungible tokens, although NFT values have retreated in a silent fall.