If you’re wondering why your Twitter is blowing up with memes about Elon Musk and Dogecoin, here’s a quick explainer:
- Elon Musk, tech guru and CEO of Tesla, is a fan of cryptocurrencies. He has become particularly outspoken about his support for meme-worthy Dogecoin.
2. Elon Musk has proclaimed himself the “Dogefather” – and quickly became virally synonymous with the cryptocurrency’s success on Twitter.
3. Dogecoin has long had a target price of $1 by Doge enthusiasts. Many people, on reddit and twitter, had hyped up Elon Musk’s upcoming SNL appearance as the day that Dogecoin could potentially reach $1.
4. Elon’s not the only hotshot behind Dogecoin’s recent popularity. Shark Tank investor Mark Cuban has also voiced his support for Dogecoin, leading to viral Musk-Cuban Dogecoin memes.
5. Main point: Elon’s twitter has the power to manipulate markets. Tesla’s stock prices have shot up and down based off of Musk’s tweets alone. Therefore, by Musk simply tweeting his support of Dogecoin, it has gained a large following and large boost in price.
Let’s see how Dogecoin’s price is affected in the next coming days after Elon’s SNL appearance. Rumor has it he is planning a Dogecoin-themed skit. As of 8:30 pm on 5/8/2021, Dogecoin’s price sits at $0.65, and has actually fallen 5.52% on the Saturday before Elon’s SNL appearance, according to Coinbase.
Financial Freshman 