Analyst: Elon Musk's impending SNL appearance is making Dogecoin moon

Why is the price of Dogecoin cryptocurrency mooning right now? An analyst says SpaceX and Tesla boss Elon Musk and his SNL gig.

2 minutes & 46 seconds read time

Dogecoin has been mooning for a few days now, with the cryptocurrency that started off as a joke and one of the biggest memes used on the internet, now has a market cap of $70 billion and is worth more than freaking Twitter.

Analyst: Elon Musk's impending SNL appearance is making Dogecoin moon 06

The price of Dogecoin has mooned over 14,000% in the last 12 months -- yes, that's 140x the price in a year -- with the big start of Dogecoin skyrocketing in February 2021. SpaceX and Tesla founder Elon Musk started tweeting out about the cryptocurrency, saying it Dogecoin was the "people's crypto" and that "SpaceX is going to put a literal Dogecoin on the literal moon" on April 1, 2021.

But then more Dogecoin fuel was thrown onto the fire, with Elon Musk announcing that he would be hosting Saturday Night Live on May 8 and that he wanted to "find out just how live Saturday Night Live really is" on April 25 -- and then came the tweet on April 28 with a simple "The Dogefather SNL May 8".

All of this has obviously driven up the price and inserted some major interest into Dogecoin, and now we have senior market analyst at Oanda, Edward Moya, saying: "Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk's hosting of Saturday Night Live".

He added: "Also known as the Dogefather, Musk will undoubtedly have a sketch on cryptocurrencies that will probably go viral for days and further motivate his army of followers to try to send Dogecoin to the moon".

At the time of writing, Dogecoin had a market cap of over $70 billion, which makes it do dog poops all over Twitter... the second-largest social networking site in the world and its much smaller $43 billion market cap.

To put Dogecoin's new $70 billion+ market cap into perspective, Dell has a market cap of $73.6 billion, COVID-19 vaccine maker Moderna has a $69 billion market cap, Activision-Blizzard has a market cap of $68.9 billion, and even Heineken with its $67 billion market cap. Dogecoin might have started off as a joke, but it's serious business now.

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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