Elon Musk, founder and chief engineer of SpaceX, spoke at the Satellite 2020 conference in Washington, DC, USA on March 9, 2020.
Yasin Öztürk | Anadolu Agency Getty Images
Dogecoin is on another frantic rise, this time briefly helping to disrupt Robinhood’s trading app in the process, and an analyst credited Elon Musk̵
The meme-inspired sign increased by nearly 30% on Tuesday and by over 11,000% this year.
The Dogecoin rally began for the first time in February, thanks to a series of tweets from Tesla and SpaceX boss Elon Musk, and an analyst suggests he is also responsible for the current move.
“Dogecoin is on the rise because many cryptocurrency traders don’t want to miss a single noise from Elon Musk’s hosting of Saturday Night Live,” wrote Edward Moya, a senior market analyst at Oanda.
Although it started as a joke in 2013, Dogecoin has since won the following, which has helped boost the value of the token, thanks in part to the approvals of celebrities such as Musk, Dallas Mavericks owner Mark Kuban, Snoop Dogg and Kiss bassist Gene Simmons.
“If there is enough community around an asset and that community decides to effectively create long-term value through some form of declining supply constraint over time, that can actually equate to a valuable currency,” said Mike Bucella, CEO of Blocktower Capital. partner.
“The real value is in today’s meme-driven culture, and dodge is the network value of memetics, which can be huge. If at some point the DOGE community decides to implement a burnout or a new supply mechanism, through a hard fork with a protocol, then this value is more likely to be maintained in the long term. “
Critics of Dogecoin note that even supporters of the currency refuse to claim that it has any intrinsic value, unlike currency promoters such as Bitcoin and Ether. Moya writes that the Dogecoin bubble should have popped up so far, “but the institutional interest is trying to take advantage of this momentum and it could support a new upward push.”
Some SNL roles members grumbled on social media about the show’s host appearing on the show.