2021-05-05 16:09:46

Dogecoin Eases, but FOMO Fever Remains Ahead of Musk on SNL

By Yasin Ebrahim

Investing.com – Dogecoin eased from highs Wednesday, but investors are betting on more gains ahead on expectations that Tesla (NASDAQ:TSLA) CEO Elon Musk (and self-proclaimed doge father) will talk up the cryptocurrency in an appearance on Saturday Night Live.

Dogecoin was up 14% to $0.63, and had been as low as $0.05 at the start of April.

“Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live,” wrote Edward Moya, senior market analyst at Oanda, according to CNBC.

In February, Musk appeared to endorse Dogecoin, which uses a shiba inu dog meme as its logo, calling it the “people’s crypto.”

But the crypto divides opinion among cryptocurrency aficionados.

Dogecoin was created into 2013 as a parody of the numerous currencies that arrived on the scene to ride on the coattails of bitcoin. The meme-coin’s latest surge has put it on the list of most valuable cryptos by market cap.

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