Dogecoin Breaks All-Time High Ahead of Elon Musk SNL Skit

By Ekin Genç

Dogecoin (DOGE) has hit another all-time high, just 21 hours before Elon Musk is anticipated to air a skit about the coin on Saturday Night Live.

Dogecoin hit $0.73 at 6am before retreating to its current price, $0.71, according to data from market analytics site Nomics. Saturday Night Live, the comedy show that the Tesla and SpaceX CEO is hosting, airs at 8.30pm Pacific Time (PT), or 3.30am UTC.

At its peak today, the joke coin, created in 2013 to mock Bitcoin (BTC) spinoffs, almost surpassed the market cap of the third-largest cryptocurrency, Binance Coin (BNB). At $0.73, Dogecoin’s market cap reached $95.3 billion, just 1.6% less than the market cap of BNB.

“For everyone in the #binance ecosystem, don’t get distracted, just keep #buidling,” tweeted Changpeng Zhao, Binance’s CEO.

#bnb market cap only 3% higher than #doge. 😂

For everyone in the #binance ecosystem, don’t get distracted, just keep #buidling. 💪pic.twitter.com/zhCmrjnqEy

— CZ 🔶 Binance (@cz_binance) May 8, 2021

Speculators believe that the SNL skit could introduce Dogecoin to a whole new audience. The hope is that viewers will become so entranced by the skit that they’ll buy Dogecoin, pushing up the price.

The skit has already helped Dogecoin. When Musk tweeted, “The Dogefather. SNL May 8,” on April 28, the price rose 15% to $0.32.

Dogecoin set its previous all-time high $0.69—a lewd number pushed by the Dogecoin Army, a group of die-hard fans—on May 5.

Speculators hope that Musk’s skit will at least push the price up to $1 by Monday. Betting site MyBookie lists the odds as +145 for Yes and -190 for No.

Musk has never confirmed personal investments in Dogecoin—except on behalf of his son. But Tesla holds Bitcoin in its treasury.

Gemini and eToro listed the coin earlier this week, and Robinhood’s crypto trading service went offline as Dogecoin soared. Coinbase, the US’s largest cryptocurrency exchange, has still not listed it.

Dogecoin is an extremely volatile cryptocurrency with a track record of pumps and dumps. It’s risen from under $0.01 in January to today’s all-time high of $0.73 with a number of spectacular rises and crashes.

Should the coin crash shortly after Musk’s skit, investors may no longer find the coin so funny.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.