elon musk: Dogecoin in spotlight as cryptocurrency backer Musk makes ‘SNL’ appearance

With the value of dogecoin surging, traders are looking forward to Elon Musk’s guest-host spot on this weekend’s “Saturday Night Live” comedy sketch TV present after the billionaire’s tweets this 12 months turned the once-obscure digital foreign money right into a speculator’s dream.

The Tesla chief government will host the present at 11:30 p.m. EDT on Saturday (0330 GMT on Sunday). The timing places Musk, who can be identified as an fanatic of cryptocurrencies, again in the spotlight simply as Tesla’s inventory is dropping steam following final 12 months’s monster rally.

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Musk is the uncommon enterprise mogul to be requested to host the venerable comedy TV present.

The unconventional CEO has posted quite a few feedback about cryptocurrencies on Twitter and criticized common outdated money for having damaging actual rates of interest. “Only a idiot would not look elsewhere,” he mentioned in February.

His cryptic tweets “Doge” and “Dogecoin is the folks’s crypto” that month kicked off a rally in dogecoin – created as a joke on the extra mainstream bitcoin and ethereum – that has but to cease.

“I’m a wild card, no telling what I would do,” Musk, sporting a black bandana, joked this week in a promotional video for the present alongside musical visitor Miley Cyrus. “Same right here,” Cyrus mentioned. “Rules? No thanks.”

Read:
Dogecoin mania reaches Indian crypto exchanges

On Thursday, Musk tweeted: “Cryptocurrency is promising, however please make investments with warning!” with a video clip hooked up in which he mentioned, “it must be thought of hypothesis at this level. And so, , do not do not go too far in the crypto hypothesis …”

But he additionally mentioned, in the video, that cryptocurrency has a “good probability” of turning into what he referred to as “the longer term foreign money of the earth.”

“My dogecoin went up after you tweeted,” one particular person shouted at Musk in the video. “You’re superb. How did you do it?”

On crypto information tracker CoinGecko.com, dogecoin has jumped greater than 800% over the past month and is now the fourth-largest digital foreign money, with a market capitalization of $81 billion. It was final up practically 14% on the day at $0.62.

It has overtaken extra extensively used cryptocurrencies like litecoin and tether.

“The newest surge in dogecoin is a continuation of the higher idiot concept pattern we have seen taking part in out over the previous couple of months,” mentioned David Kimberley, analyst at investing app Freetrade.

“More individuals are conscious of what is going on on and want to soar on the gravy prepare to make a fast buck. It’s very possible that Elon Musk pumping the coin tomorrow on prime-time U.S. TV will solely serve to compound issues and push the value up.”

Tesla mentioned in February it purchased $1.5 billion value of bitcoin and would quickly settle for it as a type of fee for its electrical automobiles, a big stride towards mainstream acceptance that despatched bitcoin hovering to a report excessive of practically $62,000. Tesla shares closed 1.3% increased at $672.37 on Friday.

Read:
Created as a joke, how dogecoin turned mainstream

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About the Author: Daniel