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Elon Musk, DOGE market maker? Meme foreign money pumps as SNL skit looms

05/01/2021

Nobody man ought to have all that A lot Wow-er.

DOGE is ready to make its popular culture debut. 

As a weeklong pump carries the meme cryptocurrency up 12% on the each day to $.33 and a staggering 43.8% increased on a 7-day foundation, some at the moment are speculating the rally might be fueled maybe partially by a social media tease from billionaire Elon Musk that he’ll be taking part in a Saturday Night time Dwell sketch titled “The Dogefather.” 

Musk’s fascination with the digital foreign money dates again to final yr, and he has lately solely appeared to double-down on what could also be an elaborate social media prank. Whereas one among his corporations, electrical carmaker Tesla, added BTC to the stability sheet final yr, the entrepreneur nonetheless appears to strategy crypto typically with a contact of befuddlement — admitting that blockchain might be the way forward for human commerce, whereas additionally poking enjoyable at its absurdities. 

“What could be probably the most ironic final result? That the foreign money that was invented as a joke in reality turns into an actual foreign money,” he mentioned of Doge in an interview in February.

The market, nonetheless, takes his probably tongue-in-cheek Tweets very critically. Whereas the correlation could also be free and sophisticated, a number of research have demonstrated that Musk tweeting in regards to the foreign money tends to drive it increased. 

In January, the Blockchain Analysis Lab revealed a paper, “How Elon Musk’s Twitter exercise strikes cryptocurrency market,” that discovered six cases of Musk’s social media exercise propelling DOGE increased.

Likewise, an evaluation from Protos discovered that 4 of his tweets had a double-digit percentile affect on DOGE’s worth (his tweets about Bitcoin and Ethereum might also transfer these markets, however DOGE’s decrease marketcap makes it simpler to pump).

DOGE is notably prone to buzz, with social media quantity — particularly constructive sentiment social media quantity throughout American daytime hours — constantly driving the foreign money increased.

Whether or not or not a sketch on Saturday Night time Dwell could have an analogous impact stays to be seen. The present performed a music-heavy explainer on nonfungible tokens in March, although NFT costs could have retreated in a ‘silent crash’ since then.