Elon Musk may be bringing the laughs on “Saturday Night Live” this week, and Dogecoin investors will be laughing their way to the bank because of it.
Dogecoin recently hit an all-time high, reaching a value of $0.45 on Monday. This happened days before Tesla CEO Elon Musk will make his appearance on “Saturday Night Live,” according to Benzinga.
And many are expecting Musk to talk about Dogecoin on the show, which would drum up interest and queries about the cryptocurrency and raise its value.
Musk said on Twitter that “the DOGEFATHER” would “definitely” appear on “Saturday Night Live.” This is a direct reference to his nickname, which is a play on the “Godfather.”
Dogecoin rises in value due to Elon Musk
Musk has tweeted about Dogecoin in the past, which has made its value skyrocket among social media and investors, as I wrote for the Deseret News. Musk’s tweets have drawn a lot of attention to the cryptocurrency, which encourages more people to invest, which then ups its value.
But Carol Alexander, a finance professor at the University of Sussex Business School in England, told Yahoo! Finance that Dogecoin should try to return to its roots, which included people using the money to fund charitable donations.
“If he (Musk) wants Dogecoin to have any fundamental economic value, he needs to direct it back towards its benevolent grass roots,” she said, according to Yahoo! Finance.