fbpx
QQQ
-0.45
326.21
-0.14%
DIA
-4.92
352.74
-1.41%
SPY
-3.82
421.92
-0.91%

How Is Doge Looking A Week Away from Elon Musk's May 8 'Saturday Night Live' Appearance?

May 1, 2021 9:30 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
How Is Doge Looking A Week Away from Elon Musk's May 8 'Saturday Night Live' Appearance?

Dogecoin (DOGE: CRYPTO) saw a solid bounce in the bygone week, although the meme currency is still trading off the record high of 43.77 cents hit on April 16.

Volatile Month: Doge, which was created as a joke currency in 2013, has come a long way from its early days. Notably, the meme currency has gained over 7,500% in the year-to-date period. Celebrities such as Tesla, Inc.'s (NASDAQ:TSLA) Elon Musk and rapper Snoop Dogg have put their weight behind it, not to mention the retail frenzy that has been a strong pillar of support.

The Doge community's efforts to push the meme currency beyond $1 by 4/20, which was unofficially declared as "Doge Day," proved futile.
Doge breached the 40-cent level a day ahead of the Doge Day but could not push past the earlier high set on April 16. The highest the cryptocurrency reached afterward was 43.18 cents on April 19.

See Also: How to Buy Dogecoin (DOGE)

Doge Day ended with a whimper, as the meme currency settled at 31.95 cents. From the April 19 high, Doge plummeted to a low of 16.37 cents on April 23.

Related Link: Dogecoin As Payment Option Gains Momentum As 'Meme Currency' Shoots For The Moon

Strong Week: The past week, however, has seen a resurgence in Doge, once again all credit to Musk, who hinted in a tweet that he may be discussing the meme currency when he hosts the "Saturday Night Live" show on May 8. In a cryptic tweet, Musk mentioned "The Dogefather" with the show and the date, which was interpreted as him promoting Doge.

Doge started Monday on a firm note before ending at 27.07 cents, and then saw a consolidation move on Tuesday. It took a leg up on Wednesday amid Musk's tweet before settling at 32.37. It was a back-and-forth move over the next two sessions but the cryptocurrency has picked up further momentum on Saturday.

Doge Barks In Anticipation of "Dogefather's" Support: Doge could see some momentum in the coming week, especially in the run up to Musk's TV appearance. Reddit users have been sharing views of a possible bump in the meme currency.

Retail interest could also lend support, and Doge could attempt to push past its earlier high. That said, the long-term investment worthiness is very much in question, given its unlimited supply.

At last check, Doge was climbing 15.53% to 36.03 cents.

Related Link: How WallStreetBets, Dogecoin And Elon Musk Brought Out The Investor In An 11th Grader From A Remote City In India

Posted-In:

Cryptocurrency Markets

Related Articles

Palantir To Accept Bitcoin As Payment Option: What You Need To Know

Data analytics company Palantir Technologies Inc. (NYSE: PLTR) is the latest public company to embrace Bitcoin. read more

Tuesday's Market Minute: Thar She Doge

For the last several months, Tesla (NASDAQ: TSLA) and SpaceX founder Elon Musk has been pledging to take Dogecoin to the moon. On Sunday, he tweeted that SpaceX is launching a satellite named “Doge-1” on a mission paid for with Dogecoin. read more

Cathie Wood Cuts Apple Stake By 30% And Buys Coinbase, DraftKings

Cathie Wood-led Ark Investment Management shed more shares of Apple Inc (NASDAQ: AAPL) on Monday, just days after halving its stake in the maker of iPhones and iPads, and snapped up shares of cryptocurrency exchange Coinbase Global Inc (NASDAQ: read more

Tesla To Accept Dogecoin? Elon Musk Sends Price Up 15% Minutes After Tweet

Elon Musk, sometimes referred to as the “Dogefather,” proved that he is still capable of driving market momentum after he asked his followers if Tesla Inc (NASDAQ: TSLA) should accept Dogecoin (CRYPTO: DOGE), and only 10 minutes after the price of DOGE was up by 15%. read more