How Crypto Traders Are Betting On Elon Musk's Dogecoin Drop On Saturday Night Live


How Crypto Traders Are Betting On Elon Musk's Dogecoin

The crypto community believes that a mention or skit about Doge, which began the year at less than a cent and reached an all-time high of 74 cents at midnight on Friday night, could propel the token, which is almost entirely driven by speculation and momentum, to new heights. He referred to the show's title as "The Dogefather" on April 28, four days after he was confirmed as host of SNL. Musk began tweeting about Dogecoin in February, joking that, in his capacity as CEO of SpaceX, he might literally take it to the moon — a popular refrain among crypto investors referring to their growing accounts.

“More investors are aware of what is going on and are trying to cash in on the gravy train,” David Kimberley, an analyst for investing all Freetrade, told Reuters. “It's quite likely that Elon Musk pumping the coin on primetime US TV tomorrow would only help to exacerbate the situation and drive up the price.”The question surrounding a potential mention, or more than that, is whether Musk, given the stakes, can compromise himself and SNL. Although cryptocurrency is not a controlled defense, that does not mean that acts affecting cryptocurrency are without consequence. According to reports, the Securities and Exchange Commission has been on the lookout for a high-profile case to demonstrate that it has jurisdiction over crypto and high-profile mentions.

Doge had a market cap of $93.2 billion at 9 a.m. ET on Saturday, making it the fourth-most valuable cryptocurrency. Musk understands the cost of perceived coercion better than anyone else. He paid the Securities and Exchange Commission $40 million in fines in 2018 for tweeting that he might take Tesla private at a higher price than it was selling at, causing the stock to rise.

Musk later followed up with a photo of him and Miley Cyrus with Doge's Shibu Inu dog mascot. It was his most-liked tweet in nearly two months, with over 600,000 likes. Musk acknowledged the pressure of having his hosting tied to the currency on Thursday, writing, "Cryptocurrency is promising, but please invest with caution!"

Musk's fortune grew by an estimated $180 billion in 2020, the largest one-year increase in the history of industry. Musk is one of two business leaders who are among Twitter's most famous users: Bill Gates (54.8 million followers, No. 19) and Musk (53 million, No. 22).

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