With Dogecoin prices rising, investors look ahead to Elon Musk’s guest host on Saturday evening comedy TV show this weekend, following the billionaire tweets this year which have turned the once obscure digital currency into a speculator’s dream.
Tesla CEO will host the event on Saturday at 11:30 p.m. EDT (9 a.m. IST, Sunday) (0330 GMT on Sunday). The timing puts Musk, also known as a cryptocurrence enthusiast, back in the focus as Tesla’s stock fads away after a monster rally last year.
Musk is the rare company mogul to host the venerable TV show of comedy and talk about Dogecoin
His cryptic tweets, “Doge” and “Dogecoin is the people’s crypto,” launched a rally this month in Dogecoin – a joke created for the most popular bitcoin and etheric – which still has to stop.
But in the video, he also said that cryptocurrency has a “good opportunity” to be what he called the “future currency of the world.”
“My Dogecoin came up after tweeting,” shouted one person in a video at Musk. “You’re awesome. How have you done that?”
Dogecoin jumped more than 800% over the last month on the CoinGecko.com Crypto Data Tracker and is now the fourth-largest digital currency and a market capitalization of 81 billion dollars (roughly Rs. 5.93 lakh crores). It was almost 14 percent last day at $0.62. (roughly Rs. 46).
It has overtaken cryptocurrencies like Litecoin and Tether more commonly used.
“The latest surge in Dogecoin is a follow-up to the bigger stupid theory trend we’ve seen in recent months,” said David Kimberley, investment analyst Freetrade.
“More people know what’s happening and want to jump on the gravel train to make a quick dick. It’s very probable that the pumping of Elon Musk’s coin on prime time US TV tomorrow will only compound things and push up the price.”
Tesla said it bought the $1.5 billion (about Rs. 10,988 crores) worth of Bitcoin in February and would soon accept this as a payment for its electric automobiles, which is a major step towards mainstream acceptance, and sent Bitcoin to an altitude of almost $62,000. (roughly Rs. 45.41 lakh).
Tesla’s shares closed 1.3% higher on Friday, at $672.37 (approximately Rs. 49,300).
