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No one man should have too much Wow-er.
DOGE is about to make its debut in popular culture.
As a weeklong surge propels the meme cryptocurrency up 12 percent on a regular basis to $.33 and 43.8 percent on a weekly basis, some are now speculating that the surge could be fuelled in part by a social media hint from billionaire Elon Musk that he will appear in a Saturday Night Live sketch titled “The Dogefather.”
SNL May 8
— Elon Musk (@elonmusk) April 28, 2021
Musk’s interest in digital currencies dates back to last year, and he recently appeared to double-down on what may be an intricate social media joke. Although one of his firms, electric carmaker Tesla, introduced BTC to the balance sheet last year, the billionaire also seems befuddled about crypto in general, acknowledging that blockchain may be the future of human trade while still mocking its absurdities.
“What would be the most ironic result?” That the currency conceived as a joke becomes a true currency,” he said of Doge in a February interview.
Elon Musk talks about $DOGE Coin
(Released 4 Hours Ago)@elonmusk said “There is a good chance that #Crypto is the future currency of Earth 🌎 … but which one is it going to be?” #Doge #DogeCoin #Bitcoin #cryptocurrency #cryptocurrencies #DOge pic.twitter.com/HDaf5jw3Xx
— Kevin Svenson (@KevinSvenson_) February 6, 2021
The sector, on the other hand, takes his probably sarcastic Tweets very seriously. Although the connection could be shaky and complicated, several experiments have shown that Musk tweeting about the currency causes it to rise in value.
The Blockchain Research Lab released a paper in January titled “How Elon Musk’s Twitter Activity Moves the Cryptocurrency Market,” which discovered six instances of Musk’s social networking behaviour propelling DOGE higher.
Likewise, an analysis from Protos found that four of his tweets had a double-digit percentile impact on DOGE’s price (his tweets about Bitcoin and Ethereum may also move those markets, but DOGE’s lower marketcap makes it easier to pump).
DOGE is particularly vulnerable to buzz, with social media volume — particularly positive opinion social media volume during American daytime hours — constantly pushing the currency higher.
It remains to be seen if a parody on Saturday Night Live would have a similar impact. In March, the show aired a music-heavy explainer on nonfungible tokens, though NFT rates may have fallen in a “silent crash” since then.