Dogecoin is getting closer and closer to its $1 target after another all-time high record of $0.74 just before Elon Musk’s SNL appearance.
More social media engagement from Tesla’s CEO Elon Musk and the anticipation for his first-ever appearance on SNL where he could mention Dogecoin have pushed the meme-based cryptocurrency’s price into the stratosphere again. DOGE came roughly $0.25 away from tapping $1 after yet another price record appearance. The cryptocurrency started as a joke in 2013 traded around $0.005 at the start of this year, but its price has seen an indescribable surge in the months that followed.
Guest starring … pic.twitter.com/buM3bTOWbX
— Elon Musk (@elonmusk) May 7, 2021
Dogecoin spiked by more than 22% to its latest record.
Dogecoin had retraced after its previous all-time high to below $0.6, but the bulls took charge again and pushed it further up. In a matter of hours, its price spiked by more than 22% to its latest record at $0.74. Coincidently, this price pump came amid more Elon Musk tweets regarding his favorite meme coin. Elon Musk has supported Dogecoin for a while with numerous social media engagements. In fact, he has previously referred to himself as the “DOGEFATHER.”
Elon Musk could mention Dogecoin on SNL.
Several from the crypto community have predicted that Elon Musk could mention Dogecoin in one of the SNL sketches on 8th May, which could drive Dogecoin’s price up. With its latest record, DOGE’s market cap exploded to above $90 billion. Thus, the meme coin is roughly $5 billion away from surpassing Binance Coin and entering the top three coins by market capitalization. Outside of the crypto industry, the market cap of the meme cryptocurrency is now bigger than Airbnb, Uber, General Motors Company, Zoom, FedEx, and more. Several other celebrities have also endorsed Dogecoin recently. Billionaire Mark Cuban, the owner of Dallas Mavericks, suggested Ellen DeGeneres to accept DOGE for her merchandise.