Analysts are predicting that the market madness over internet-meme-based cryptocurrency Dogecoin could reach a fever pitch in the next few days.
That’s as Elon Musk—king of cryptic tweets and hype culture—is set to take the stage as host of Saturday Night Live this weekend.
As part of the gig, the Tesla and SpaceX CEO will deliver the show’s opening monologue, then perform a packed schedule of scripted skits with its cast of comedians.
Given how Musk has masterfully commanded social media to build a cult-level following for his entrepreneurial ventures, it’s likely he could use this newest platform—an Emmy-award-winning TV show with 9.1 million viewers—to push his latest interest, which seems to be Dogecoin. Musk’s bullish tweets on cryptocurrency have helped fuel a staggering 11,770% increase in the token’s value year-to-date, from around half a cent to 60 cents midday Thursday. It spiked more than 100% in the past week, after Musk tweeted “The Dogefather SNL May 8,” prompting speculation over a Doge-themed skit.
Jesse Cohen, a senior analyst at Investing.com, told Fast Company in an emailed statement, “We see a greater likelihood that Dogecoin will reach the $1-mark in the coming days, with probability rising for DOGE to rally to as high as $5 later in 2021 amid soaring social media interest.” If DOGE were to hit $1, that would mean a $1,000 investment at the beginning of the year would multiply to $185,000. If it hits $5, that would be nearly a million dollars.
“Mounting support from high-profile billionaires will continue to add to the legitimacy of the meme cryptocurrency,” Cohen added, and “we expect money to flow out of the expensive large-cap coins and into the smaller alt-coins still trading in the single-digits.”
Cohen is not the only analyst who feels that way. In a note cited by CNBC Wednesday, Edward Moya, a senior market analyst at Oanda, wrote that “many cryptocurrency traders do not want to miss out on any buzz” associated with Musk’s appearance.
So if you’re still trading brand-name cryptocurrencies like bitcoin and ether, maybe it’s time to jump ship! Or not? Who knows! Cryptocurrencies are notoriously volatile, so please don’t hold us responsible.
