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On April 28, 2021, at 2 a.m EST, Dogecoin increased exponentially with gains of up to 32%. The skyrocketing of Dogecoin comes after a tweet by Tesla and SpaceX co-founder Elon Musk referring to himself as "The DogeFather. " Dogecoin made a significant rise from $0.25 to $0.30 in less than 15 minutes on yesterday's mid-morning.
The pushback on Wednesday accounted for a 100% increase in Dogecoin prices to a higher point compared to the price surge seen early this month. Elon Musk, a billionaire businessman with giant technology companies like SpaceX and Tesla, tweeted ahead of his upcoming appearance on Saturday Night Live (SNL).
The tweet "The Dogefather, SNL May 8" appeared on Elon Musk's 52 million followers Twitter account. A similar mention of Dogecoin by the Billionaire saw the bitcoin price spike high in early April. Dogecoin started as a joke and has seen its value surge to over 8,000% since the beginning of 2021.
The rising prices of Dogecoin are an excellent example of highly volatile digital coins making extensive moves from slight support by celebrities. Elon Musk is still making jokes about his appearance on NBC's Saturday Night Live. That comes after he made another joke late Tuesday on a tweet that reminded his upcoming host gig.
His tweets referencing the joke digital cryptocurrency, Dogecoin, have seen the real world respond positively with few words. Wednesday's tweet is not the first and won't be the last from the Billionaire Twitter account.
Musk's influence on the crypto market results from massive social media followers who then invest. That pumps the prices high, as visible on the Dogecoin surging prices.
However, his Wednesday tweet did not address Tesla's Quarterly earnings that caused stocks to drop in a matter of hours after announcing at least a 70% rise in sales. Besides, Elon did not promote his scheduled May 8 hosting gig.
Elon Musk's live performance will also host Miley Cyrus, a musical guest expected to perform along the self-made Tesla C.E.O. Miley will appear on the show for the sixth time. Musk's appearance on the show is speculated to attract new viewers to "SNL."
Coinmarketcap statistics show that Dogecoin is now rising to be the sixth-largest cryptocurrency when comparing the market Capitalization. Billy Markus, one of Dogecoin's co-founders, stated that "i think it is pretty incredible and honestly speaking to have an ally like Elon Musk," speaking to Newsweek.
"I think it would be really exciting for him to literally send the dogecoin to the moon on one of his space rockets," Billy added. Despite Musk getting approval of popularizing Dogecoin by one of the inventors, people are despising Musk's support for Dogecoin.
"Headlines, endorsements and tweets are contributing to massive investment in the crypto market. The investor's aim is to get rich really quick without overlooking the volatility of the market. That has led to huge losses," Michael Kamerman, CEO of the online trading platform, stated.
Apart from the skeptical crypto analyst, there are other parties annoyed with Elon Musk's penchant for writing tweets that intentionally promote Dogecoin. Early this year, some rumors made trending headlines. A government agency tasked to regulate the stock market had launched a probe on Elon Musk's social media presence. The claims are still unverified, but Musks spoke candidly on the gossip. He went ahead and asked the agency to square up on his tweet.
Dogecoin plans to achieve a $1 exchange rate in 2021. The price value seems highly modest at a far glance, but when going deep into 2020 values, the coin traded at $0.005. Elon Musk's tweets are equivalent to the market's bull signal.
"When Musk tweets, all investors make huge returns," a tweet written by one user on Wednesday. The user statement reflected an actual scenario of how things turn out after Musk's tweet. It has always happened.
Through a tweet addressing people's critics, Musk clearly stated that he is ready to tackle his SNL critics. On April 24, a tweet said, "let's find out how live SNL really is." However, Elon Musk's online mockery routine did not lead to him losing his SNL gig.
Musk pushed Dogecoin to higher achievement toward its target. In one of the latest tweets that asked the roles of securities and Exchange commission roles of overseeing one of his Starlink satellite network approvals? "They have an essential role to play by protecting investors from being swindled," Musk replied.
It is not the first time Musk's tweets landed him on a frying pan, but he managed to escape. The same incident is visible in Wednesday's tweet when he stated, "The Dogefather."