With the price of Dogecoin soaring, after a billionaire’s Twitter this year turned the once-obscure digital currency into a speculator’s dream, investors hope to watch this weekend’s “Saturday Night Live” comedy sketch TV show To the guest seat of Elon Musk.
The Tesla CEO will hold an exhibition at 11:30 PM EST on Saturday (9 AM EST) (Sunday 0330 GMT). This timing made Musk, also known as a cryptocurrency fanatic, once again become the focus of attention, just as Tesla’s stock is losing momentum after last year’s monster rally.
Musk is a rare business tycoon who was asked to host this ancient comedy TV show.
The unconventional CEO posted many comments on cryptocurrencies on Twitter and criticized conventional cash for negative real interest rates. He said in February: “Only fools will not look elsewhere.”
His mysterious tweets “Doge” and “Dogecoin is the people’s cryptocurrency” that month opened the prelude to the Dogecoin rally, which is a joke of more mainstream Bitcoin and Ethereum that has not stopped yet.
“I’m a layman and didn’t tell me what to do,” Musk, wearing a black headscarf, joked in a promotional video for musical guest Miley Cyrus this week. “Same as here.” Cyrus said. “The rules? No, thank you.”
Thursday, Musk Tweet: “Cryptocurrency is promising, but please invest carefully!” He attached a video clip, he said: “At this point, it should be regarded as hype. So, you know, don’t go too far in the crypto hype far……”
But he also said that in the video, cryptocurrency is likely to become what he calls “the future currency of the earth.”
“After you tweeted, my Dogecoin went up,” a person shouted to Musk in the video. “You are amazing. How did you do it?”
On the encrypted data tracker CoinGecko.com, Dogecoin has jumped by more than 800% last month and has become the fourth largest digital currency with a market value of 81 billion US dollars (approximately 59.3 trillion rupees). It rose by nearly 14% on the last day of the day, reaching $0.62 (approximately 46 rupees).
It has replaced more widely used cryptocurrencies such as Litecoin and Tether.
David Kimberley, an analyst at Freetrade, an investment app, said: “Dogecoin’s latest rally is a continuation of the larger theory of fools we have seen in the past few months.”
“More and more people are aware of what’s going on and want to jump on the gravy train to make money quickly. Tomorrow, Elon Musk is likely to put coins on American television during prime time, which will only complicate matters. And push up prices. Up.”
Tesla said in February that it had purchased 1.5 billion U.S. dollars (approximately 1,0988 billion rupees) worth of Bitcoin and will soon accept it as a payment method for its electric cars. This is a big step towards mainstream acceptance. Bitcoin soared to an all-time high of nearly 62,000 US dollars (approximately Rs 4,541 thousand).
Tesla shares closed up 1.3% on Friday to US$672.37 (approximately Rs 49,300).
Thomson Reuters 2021 ©