- Dogecoin has pumped by nearly 100 percent this week in anticipation of Elon Musk’s SNL appearance.
- Expected to mention DOGE, the billionaire could make or break DOGE.
Tonight, Elon Musk will finally host the popular TV show Saturday Night Live (SNL). Since his confirmation, there has been plenty of speculation that he will use the opportunity to promote his favorite crypto asset – DOGE. With this in mind, investors have been pumping prices.
In the last 7 days, the coin has almost doubled. Starting the week just under $0.37, the token has come into the weekend above $0.70 to mark a new all-time high. With a market cap of a little over $97 billion, the coin is $6 billion short of flipping BNB in third place. Not bad for a crypto that started as a joke.
#bnb market cap only 3% higher than #doge. 😂
For everyone in the #binance ecosystem, don’t get distracted, just keep #buidling. 💪 pic.twitter.com/zhCmrjnqEy
— CZ 🔶 BNB (@cz_binance) May 8, 2021
In the last week, its popularity has further led Gemini and Binance to both list it on their platforms. This has exposed the digital asset to more investors with Robinhood previously the only platform pushing the token to retail investors.
However, there still remains much controversy about its utility and centralization. Some market leaders have been critical of the fact that the coin has no utility or even innovative development. Doge is a bubble that will ultimately see most retail traders lose a lot of money, Cardano’s Hoskinson believes. There has also been controversy over its centralization.
Despite this, one in every four Americans believes that Dogecoin is the new Bitcoin. The token has had a phenomenal couple of months, partly because of Musk’s mentions of it. With more and more investors FOMOing around it, it is set to keep climbing.
Holders of the token expect that the digital asset will top $1 by the end of the weekend, at which point it will have flipped BNB. However, it all hinges on Elon Musk making a mention, a positive mention. In the past, he has suggested that DOGE could end up becoming the currency of the world – since life likes irony and DOGE started as a joke. A comment of the same nature will likely send prices to the desired levels.
You can bet on Elon mentioning DOGE and price hitting $1
With the entire crypto community eagerly awaiting Musk’s appearance, online sportsbook MyBookie, has unveiled a bet for if he will mention DOGE and whether it will reach $1 by Monday. Odds are currently in favor of Musk mentioning the meme coin as well as the price reaching $1 by the start of next week. Betting $100 that he will mention, and he does, will earn the bet $20. If the same $100 is placed on him not mentioning, and he doesn’t, this will earn $900.
The other bet is whether DOGE will reach $1 by May 10. Odds are in favor of the digital asset reaching this. if $100 is placed on it reaching $1 and it does, you earn $45. If the bet is againt, and it doesn’t, the gain is roughly $53.
