The memes-inspired token rose nearly 30% on Tuesday and over 11,000% this year.
The Dogecoin rally began in February, thanks to a series of tweets from Tesla and SpaceX chief Elon Musk, and an analyst suggests he is also responsible for the current move.
“Dogecoin is booming because many cryptocurrency traders don’t want to miss the buzz that comes with Elon Musk hosting Saturday Night Live,” wrote Edward Moya, senior market analyst at Oanda.
Although it started as a joke in 2013, Dogecoin has since gained an audience that has helped propel the token’s value higher, in part thanks to endorsements from celebrities like Musk, Dallas Mavericks owner Mark Cuban, Snoop Dogg and Kiss bassist Gene Simmons. .
“If there is enough community around an asset and that community decides to effectively create long-term value through some form of lowering the supply cap over time, it could in fact be equivalent to to valuable currency, ”said Mike Bucella, general of Blocktower Capital partner.
“The real value lies in the current culture of memes and the doge represents the network value of memetics, which can turn out to be huge. If at some point the DOGE community decides to implement a burning mechanism or a new provisioning mechanism, via a hard fork protocol, then this value will have a higher probability of being retained in the long term. “
Critics of Dogecoin note that even supporters of the currency refuse to claim that it has inherent value, unlike promoters of currencies like Bitcoin and Ether. Moya writes that the Dogecoin bubble should have burst now, “but institutional interest is trying to capitalize on that momentum and it could support another higher surge. “
Some SNL cast members grumbled via social media about the Mercurial executive appearing on the show.