By Ekin Genç
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.
— 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.
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.