Dogecoin (DOGE) surged to a 24-hour high on Wednesday after Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk hinted about the meme cryptocurrency featuring on his “Saturday Night Live” episode next month.
What Happened: Musk said in a tweet on Tuesday, “The Dogefather SNL May 8.”
Dogecoin hit a 24-hour high of $0.3103 following Musk’s tweet. The cryptocurrency has risen 8% in the past 24 hours and is trading at $0.2917 at press time.
See Also: How to Buy Dogecoin (DOGE)
It was announced on Saturday that Musk will be the host on "Saturday Night Live" on May 8. "Saturday Night Live" airs on NBC, owned by Comcast Corporation (NASDAQ:CMCSA), with replays available on streaming services Hulu and Peacock.
Musk will join musical guest Miley Cyrus, who will make her sixth appearance on the show. The show hosted by Musk is expected to bring fans to "SNL" who have never tuned in for the weekly show.
Nevertheless, news that Musk will be hosting “Saturday Night Live” created an online backlash, with two members of the show’s ensemble voicing their disapproval via social media.
The show has mostly reserved the guest-hosting role for entertainers, although over the years high-profile athletes and politicians including Jesse Jackson, George McGovern and John McCain were in the spotlight.
Why It Matters: Dogecoin is based on the popular “Doge” Internet meme and emerged in 2013 as a parody of the frenzy surrounding some of the digital assets. The cryptocurrency was created by Billy Markus and Jackson Palmer.
Tesla CEO Elon Musk is a big supporter of Bitcoin (BTC) as well as Dogecoin. Musk’s tweets regarding Dogecoin sometimes have an overwhelming impact on the price of the meme cryptocurrency. In addition, Tesla’s recent first-quarter earnings report showed that the electric vehicle maker’s investment in Bitcoin helped to boost its profits.
The Shiba Inu-themed cryptocurrency skyrocketed to hit an all-time high of $0.4377 on April 16, lifted by social media buzz.
Dogecoin is now the sixth-largest cryptocurrency by market cap, as per CoinMarketCap data.
Photo Courtesy: Photo by Heisenberg Media on Flickr
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