The price of Dogecoin, the meme cryptocurrency, has already been experiencing a massive spike for the past few months. The main reason behind this is the immense support from Elon Musk and other big names.
Recently Elon Musk, owner of Tesla and SpaceX, made an appearance on ‘Saturday Night Live’. The tweets made by Musk throughout the past years related to Dogecoin have greatly surged its price.
Elon Musk-Backed Dogecoin Reclaims Top Spot
The weekend appearance of Musk in the comedy show ‘SNL’ has given a major boost to the meme token, Dogecoin. On the other hand, people have been speculating over the timing of Musk’s appearance on the show.
Musk is already known to have a massive interest in cryptocurrencies. As a result, the stocks of Tesla have been losing their momentum after a monster rally last year. However, this SNL appearance by Musk has brought back the much-needed attention to Tesla.
Elon Musk is an astounding business mogul who dared to appear on a popular comedy show and be questioned by the host. Although Musk has always known to be unconventional in his ways.
Previously Musk has tweeted that people must not be stuck in dealing with cash only and should invest in crypto. Lately, he has been making DOGE-related tweets that kick-started a massive rally for the token. Furthermore, DOGE has overtaken both Bitcoin and Ethereum based on the increase in price.
Musk has repeatedly asked people to take an interest in the crypto sector. He has even called cryptocurrency the future currency on this planet. Such tweets have not only spiked DOGE but the entire crypto market that has been witnessing an enormous increase in price levels.