Elon Musk has announced yet another move to increase Dogecoin’s value. Having Dogecoin on the SNL skit will boost the value of the token by 10%.
Dogecoin has once again seen an increase in value after Tesla’s CEO, Elon Musk, stated that the upcoming skit titled ‘Dogefather will be aired on Saturday Night Live. Dogecoin is a meme currency that initially started as a joke, but it has now gained a spot among the top 10 cryptocurrencies in the world.
The increasing value of Dogecoin
Dogecoin is a meme currency that has recently reached $0.39 on Binance Exchange. However, this is still a low for the token, given that it had earlier reached an all-time high price of $0.45. However, the meme coin has maintained its position among the best performing cryptocurrencies in the past week.
Elon Musk tweeted about a skit that surrounded the crypto. The tweet stated that a skit named ‘Dogefather’ will be aired on Saturday Night Live. The skit will primarily focus on Dogecoin, and Elon Musk is the major player pushing for it.
Throwing out some skit ideas for SNL. What should I do?
— Elon Musk (@elonmusk) May 1, 2021
Even though Elon Musk did not expound on the details of the tweet, the crypto community went abuzz, and this has relatively increased the value of Dogecoin on major exchanges. The increased demand for crypto is expected to go even higher as the skit hosting will debut on May 8. This is also likely to push Dogecoin in fulfilling the true purpose for which it was created, which involves being part of the pop culture.
Elon Musk’s support for Dogecoin
Most tweets created for Dogecoin are usually funny given that the token was mainly designed to be a meme currency. Elon Musk has regularly joined in the fun. Still, the crypto community usually regards Elon Musk’s tweets on cryptocurrencies to be serious, which is why the recent race for Dogecoin is not a surprise.
However, bots have also been created on tweet mentions by Elon Musk to push for the value of cryptocurrencies. Developers use these bots to trade crypto as soon as they are mentioned by Elon Musk. This is why coins are purchased at lightning speed minutes after the Tesla boss mentions them in a positive light.
Native developers have come with these bots to ensure they stay ahead of the market and reduce the risk of sharp price dips. The fact that the race for Dogecoin started after Elon Musk’s tweet is proof that the bots are actually doing their job.