Dogecoin, the meme-currency turned into the sixth-largest cryptocurrency by market cap registered a 20% surge today rising from $0.281to $0.343 within an hour of Elon Musk’s tweet. Musk who is infamous for shilling Dogecoin from time to time despite being a Bitcoin holder was at it again as he tweeted about his upcoming SNL appearance with a Godfather pun. Musk tweeted,
The Dogefather SNL May 8
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The price started to climb soon after this tweet and it is currently trading at $0.327. The meme currency recently reached a new ATH of $0.4377 defying all odds and creating many Tik Tok millionaires who have invested heavily since the GameStop saga.
Musk has been shilling $DOGE for quite some time now and he was also designated as the unofficial CEO of the DOGE community. His unusual tweets shilling DOGE also got him in trouble with the SEC recently who had suggested that he might face questioning if found guilty of violating any securities law.
Dogecoin Has Come a Long Way From Being a Meme Currency
$DOGE was started as a joke currency but the community behind the digital asset made it truly decentralized over the years. While DOGE still faces criticism for its infinite supply and being a phony digital asset, the altcoin has changed that stance quite significantly this bull season as it has been increasingly incorporated by many businesses as a form of payment for their products including a Nissan dealership, Mark Cuban owned NBA team Dallas Mavericks and many others.
The Elon Musk effect has also been on the decline in recent times as Dogecoin gains more public traction and acceptance which is a bullish indicator. The other criticism about an infinite supply is often met with the fact that Federal Reserve does the exact same thing with the US Dollar and yet it is the universal currency of trade.