DOGE makes its debut in pop culture.
With a weeklong pump boosting meme cryptocurrency by 12% daily to $ 0.33 and a staggering 43.8% on a 7-day basis, some are now speculating that the rally may be partly driven by a billionaire’s social media tease Elon Musk could be fueled that he will participate in a Saturday Night Live sketch entitled “The Dogefather”.
SNL May 8th
– Elon Musk (@elonmusk) April 28, 2021
Musk’s fascination with the digital currency dates back to last year, and it only seemed to double in on what might have been an elaborate social media prank recently. While one of his companies, electric car maker Tesla, put BTC on its balance sheet last year, the entrepreneur still seems to be approaching crypto in general with an air of confusion – he admits that blockchain could be the future of human commerce but also makes fun of absurdities.
“What would be the most ironic result? That the currency that was invented as a joke is actually becoming a real currency, ”he said in a February interview about Doge.
Elon Musk talks about $ DOGE Coin
(Posted 4 hours ago) @elonmusk said, “There’s a good chance #Crypto is the earth’s future currency … but which one will it be?” #Doge #DogeCoin #Bitcoin #Cryptocurrency #Cryptocurrencies #DOge pic.twitter.com/HDaf5jw3Xx
– Kevin Svenson (@KevinSvenson_) February 6, 2021
However, the market takes its potentially ironic tweets very seriously. While the correlation may be loose and complex, several studies have shown that musky tweets about the currency tend to drive it higher.
In January, the Blockchain Research Lab published an article entitled “How Elon Musk’s Twitter Activity Is Moving the Cryptocurrency Market,” which found six cases of Musk’s social media activity propelling DOGE higher.
Likewise, an analysis by Protos found that four of its tweets had a double-digit percentage impact on DOGE’s price (his tweets about Bitcoin and Ethereum can move those markets too, but DOGE’s lower market cap makes it easier to pump).
DOGE is particularly prone to buzz as social media volume – especially positive social media volume during American daytime hours – is steadily driving the currency higher.
Whether or not a sketch on Saturday Night Live will have a similar effect remains to be seen. The show played a music-heavy declarant for non-fungible tokens in March, though NFT prices may have fallen in a “silent crash” since then.