Dogecoin, a cryptocurrency meme that was launched as a joke in 2013, rose more than 100% last week as Musk, a major crypto lender, prepares to host ‘Saturday Night Live’.
Musk, who announced his appearance on SNL via tweeter “The Dogefather SNL May 8” last week also wrote on Twitter that the play will “definitely” make an appearance in a comedy sketch.
The currency briefly traded at $ 0.70 per coin on Tuesday and is now valued higher than Twitter and Ford, according to BeInCrypto.
The Space X billionaire, whose company Tesla now accepts crypto payments for cars, has pushed up the price of the Shiba Inu-inspired currency several times in recent months.
After calling Bitcoin “bs” in December, Musk tweeted “One Word: Doge,” bringing the currency to around half a dime.
In February, the currency itself took off again after Musk mentioned it in a series of tweets.
Investors who put $ 1,000 in the currency on January 1 would have $ 112,500 in their portfolio as of Wednesday night; a percentage increase of 11,150, according to Coinbase’s price history.
Gemini CEO Tyler Winklevoss announced his company would license the coin to trade on Tuesday and touted its purported virtues in a blog post.
“Dogecoin is the people’s money,” Winklevoss wrote. “It’s organic, irreverent and fun. It is not imposed on us by a government or some other central authority, it is chosen by us, for us – by the people, for the people. Wow. “
Oakland Athletics became the first baseball team to accept Dogecoin for ticket sales on Tuesday, Coindesk reported.
On Sunday, Mark Cuban, whose Dallas Mavericks also accept change, took to Twitter to explain his support.
“As long as more and more businesses accept doge for products / services, Doge can be a usable currency because it MAY hold its purchase value better than a dollar in your bank,” Cuban wrote. “Yes, a joke is legitimate now.”
However, some bankers are warning that the joke currency and other cryptos could end their dizzying rush ahead of SNL’s weekend update.
“It’s dangerous to be a speculator [in bitcoin], long or short, ”Mike Novogratz, CEO of Galaxy Digital, told MarketWatch. “It’s a danger to buy here and a danger [betting against dogecoin] here… you could lose a lot of money.