No single man should possess too much Wow-er.
DOGE is about to make its big-screen debut.
Some are now speculating that the rally could be fuelled in part by a social media tease from billionaire Elon Musk that he’ll appear in a Saturday Night Live sketch dubbed “The Dogefather.” As a weeklong pump has carried the meme cryptocurrency up 12 percent on the daily to $.33 and a whopping 43.8 percent higher on a seven-day basis, some are now speculating that the rally could be fueled in part by a social media tease
Musk’s interest in bitcoin dates back to last year, and he’s only lately seemed to ratchet up what could be an elaborate social media joke. Although one of his firms, Tesla, introduced Bitcoin to the balance sheet last year, the billionaire also seems perplexed by cryptocurrency in general, acknowledging that blockchain might be the future of human trade while still mocking its absurdities.
“What will be the most humorous outcome?” says the narrator. In a February interview, he told of Doge, “That the currency that was conceived as a joke becomes a true currency.”
On the other hand, the sector takes his probably sarcastic Tweets very seriously. Although the connection could be shaky and complicated, several studies have shown that Musk tweeting about the currency causes it to rise.
The Blockchain Research Lab released a paper in January titled “How Elon Musk’s Twitter operation drives cryptocurrency market,” They discovered six instances of Musk’s social networking behavior driving DOGE higher.
Similarly, according to Protos, four of his tweets had a double-digit percentile effect on DOGE’s price (his tweets about Bitcoin and Ethereum could still drive specific markets, but DOGE‘s smaller market cap allows pumping easier).
DOGE is particularly vulnerable to social media volume, with favorable emotion social media volume during American daytime hours regularly pushing the currency higher.
It remains to be seen if a parody on Saturday Night Live would have a similar impact. In March, the show aired a music-heavy explainer on nonfungible tokens, though NFT rates have since withdrawn in a “silent smash.”