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The Dogefather: Elon Musk’s joke makes Dogecoin’s price soar

The Dogefather: Elon Musk’s joke makes Dogecoin’s price soar

Elon Musk made a joke on Twitter and the price of the cryptocurrency Dogecoin earns 16.79% on the stock exchange. The CEO of Tesla and SpaceX made a reference to the episode of Saturday Night Live which will present on May 8th and investors immediately thought about the possible increase in popularity of the coin born from a meme.

The Dogefather: Elon Musk just takes a joke to increase the value of Dogecoin

Cryptocurrencies, memes and Elon Musk: an explosive combination for Twitter, with financial repercussions not to be underestimated. What happened today may seem like an alien language to those who are not versed in these things, so let’s take it easy.

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First of all: what is Dogecoin?

A cryptocurrency similar to Bitcoinexcept for one difference: this virtual currency is named after a meme. Billy Markus and Jackson Palmer they decided to create a coin inspired by a meme, that of the Shiba Inu dog breed with a shocked face. The coin is virtual, so we can’t keep a pure gold meme in our pocket, but the name has helped give the cryptocurrency its popularity. Which so far has had a good but rather stable trend.

Why is Elon Musk talking about Dogecoin?

Tesla CEO to Present Saturday Night Live (SNL) May 8. The live show has a permanent cast of talented comedians and screenwriters (many of the American comedians who now make films and TV series have passed by SNL) with a different presenter every episode. They are usually actors or comedians, but in this case SNL has decided to focus on Elon Musk.

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Writers are not always very involved in writing sketches. However, Elon is certainly not shy in proposing his own ideas. He then tweeted a possible title for a sketch, without context. Inspired by the Dogecoin (invests in many cryptocurrencies) and the American title of the Godfather, The Godfather. The result was the Dogefather he has made Wall Street mad.

The Dogefather
SNL May 8

– Elon Musk (@elonmusk) April 28, 2021

Stock market surge

Investors must have assumed the sketch was already written (Musk won’t reach SNL’s 30 Rockefeller studio until next week). Or a passing mention from SpaceX’s CEO was enough. The fact is that the title Dogecoin gained 16.79%. At the moment the currency is worth 0.322498 dollars (here you can check the fluctuation) and it seems to continue to rise.

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We don’t know what could happen if the sketch actually happened. But maybe SNL longtime producer Lorne Michaels will think of invest in cryptocurrencies to prepare a golden pension. Or rather, a little more golden. The fact is that this news testifies once again to the volatility of cryptocurrencies he was born in media power of Elon Musk’s tweets. Who knows if the SpaceX CEO is already writing the script.