Elon Musk has been at the spotlight for his tweets and memes for quite some time now but the theme of his online tomfoolery has shifted away from taking shots at Tesla short sellers to the rising star of the cryptocurrency world, Dogecoin.
As of the beginning of this year, it would appear that there is a direct and absolute correlation between Elon’s Doge Tweets and the price surge of Dogecoins. Dogecoin had reached an all time high price of $0.68 following a recent Elon Musk tweet on April 25:
In the moments leading up to the much hyped SNL telecast today, we can see another bull run leading the price to all time highs (once again) to $0.73. Dogecoin has a very strong community who rally together to support the price upwards everytime there is some hype about the crypto. From the many posts in the subreddit /r/dogecoin it is clear that the next coveted target price is $1. However, as can be seen from the post below, Doge owners are also cautious to not liquidate position at $1 and keep “hodling” till Doge reaches “the moon”.
We even saw numerous celebrities try to cash in on the hype and buying into a position before the peak. However, these investors are likely to be getting in on the action for the short run and likely to sell off their holdings after the SNL telecast bull run reaches its peak.
Now the question is, will Doge hit $1? Well given how Elon is back at it with his Twitter hyping up the show there is little doubt that we won’t get to see Doge hit $1. As a matter of fact, there is a very good chance that Doge will see its upcoming peak at over $1 and then later stabilize at around the $1 mark. However, please note that this is just pure speculation based on nothing, as is everything in the crazy world of Doge. So we do not recommend anyone invest in Doge, based on what they’ve read so far.
The hour or so long SNL broadcast would have a lasting impact beyond its run time on the Doge prices as it will fodder for meme makers across the Internet. The show is also likely to introduce the concept of Doge to the mass people and get a lot more people started on their crypto investing journey,