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Dogecoin expected to hit $1 as Elon Musk (#Dogefather) appears on SNL May 8

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Dogecoin is reaching the new all-time high (ATH) prices, several factors have contributed to the skyrocketing price of DOGE as of late. The price of Dogecoin as of this writing is $0.673279 — a staggering increase of 14,180.09% year-to-date.

Tesla & SpaceX CEO Elon Musk has been very actively involved in cryptocurrency, especially the Dogecoin which is his favorite — he even bought some DOGE for his youngest son X Æ A-Xii earlier this year, “Bought some Dogecoin for lil X, so he can be a toddler hodler,” he said.

Last month, Elon Musk posted an interesting tweet saying “The Dogefather, SNL May 8,” this tweet alone sent the Dogecoin price to new highs.

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Elon Musk along with Miley Cyrus will be making an appearance on the NBC Saturday Night Live (SNL) on May 8. Musk’s ‘The Dogefather’ tweet has a hidden message for the Dogecoin holders, the community believes, this has been fueling the constant rise of the DOGE price.

On top of Musk’s influence, Israeli multi-asset brokerage company eToro and the Gemini cryptocurrency exchange listed Dogecoin yesterday, this has put the Dogecoin price on fire since yesterday.

According to a CoinDesk report, Dogecoing miners have made $78M last month alone, which is 70 times more than what they made in the last 4 years. The coin that was created to make fun of cryptocurrency is now becoming a serious affair, “fate loves irony,” as Elon Musk said in the following short public interview on his views about DOGE.

What’s more ironic is that 65% of Dogecoin is held in only 98 wallets, to break this sort of concentration of this Meme-born digital currency, Elon Musk had offered major holders real money if they are ready to sell — but Musk’s attempt did not have an effect on the whales.

Tesla (TSLA) bought $1.5B worth of Bitcoin (BTC) in the first quarter of 2021 and sold 10% of that holding in Q2 2021. According to Musk, Tesla did that on purpose to show the capability of Bitcoin liquidity vs. hold cash on the balance sheet.

However, Tesla has already made tons of profit on its BTC holding because of its price hike since then.

Let’s see what Elon Musk reveals on SNL on May 8 and what will be the consequences of his unveilings for the Dogecoin community.

Update: Some reporters and fans spotted Elon Musk on the streets of New York yesterday and asked that if he is going to be talking about Dogecoin on the SNL show on Saturday, he hinted that he might (video below).

If he does mention Dogecoin on the show, it will be a huge plus for the DOGE price hike — fingers crossed.

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Featured image by @CryptoPup_ / Twitter | *Anything mentioned in the article is not financial advice and shouldn’t be considered as such.

By Iqtidar Ali

Iqtidar has been writing about Tesla, Elon Musk, and EVs for more than 3 years on XAutoWorld.com, many of his articles have been republished on CleanTechnica and InsideEVs, maintains a healthy relationship with the Tesla community across the Social Media sphere. You can reach him on Twitter @IqtidarAlii