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Dogecoin Spikes 10 Percent as Elon Musk Confirms That It Will Be Part of His "SNL" Skit

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Sun, 05/02/2021 - 07:09
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Alex Dovbnya
Tesla CEO Elon Musk has thrown yet another bone to the Dogecoin community
Dogecoin Spikes 10 Percent as Elon Musk Confirms That It Will Be Part of His "SNL" Skit
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Parody cryptocurrency Dogecoin has rocketed once again after Tesla CEO Elon Musk confirmed that the much-talked-about skit titled “Dogefather” would “definitely” make it to the upcoming episode of “Saturday Night Live.”   

Doge
Image by @gshenanigans1

The meme coin rallied to $0.39 on the Binance exchange following Musk’s tweet but has failed short of reclaiming its all-time high of $0.45.

Nevertheless, Dogecoin is currently the best-performing crypto in the CoinMarketCAp top 10, dwarfing Ethereum’s gains.  

As reported by U.Today, the Shiba Inu-themed token added billions to its market cap after Musk tweeted “The Dogefather” meme together with the date of his “SNL” appearance last week.  

Staying true to his style, the billionaire didn’t reveal anything else about his cryptic tweet, but crypto Twitter was rife with speculation.

Musk will make his hosting debut on “SNL” on May 8, the day Dogecoin might finally become part of pop culture.

Related
Fed Chair Jerome Powell Weighs In on Dogecoin Rally

Bots push Dogecoin higher

While Dogecoin tweets are all just fun and games for Musk, the market certainly treats them with seriousness.

If you wonder how people can manage to buy the coin so fast following Musk’s tweets, it’s actually because bots are doing their jobs.

Well-aware of the entrepreneur’s tweeting habits, ingenious programmers have come up with a slew of scripts that automatically purchase the coin after each Musk mention. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.