- Dogecoin spiked as much as 30% Wednesday, back above the $0.30 threshold.
- The meme-based cryptocurrency jumped after Musk tweeted, "The Dogefather", along with the May 8 date of his upcoming SNL gig.
- Musk's tweet boosted dogecoin for the first time since the token sold off sharply last week after hitting a record high above $0.40.
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Dogecoin spiked as much as 30% Wednesday to its highest in 10 days after Elon Musk labeled himself as "The Dogefather" in a tweet ahead of his hosting gig for Saturday Night Live on May 8.
At 2:20 a.m. ET, the self-proclaimed "Technoking" of Tesla published a tweet to his 52 million followers: "The Dogefather SNL May 8."
Excitement over the possibility of dogecoin taking the spotlight in a popular TV show swirled among enthusiasts of the Shiba Inu-themed coin on social media.
Dogecoin rose to a high of $0.34, marking a 36% rise from the point at which Musk tweeted. The meme-currency spiked right after the Tesla CEO published the tweet and continued its climb through the early morning on Wednesday.
It was hovering around $0.30 around 8:50 a.m. ET, still up by about 16%.
This isn't the first time Musk has tweeted about the crypto token. The billionaire in February published a one-word tweet that sent dogecoin up by 25% in minutes. In March, he posted another tweet saying his space exploration company will put dogecoin on the "literal" moon, causing it to jump 30%.
NBC on April 24 announced that the billionaire CEO bagged the hosting gig with Miley Cyrus as the musical guest. Though the decision to invite Musk was met with confusion and dismay from some SNL cast members.
Dogecoin, which started as a joke in 2013, has seen a blistering rally in 2021, thanks in part to well-known backers such as Musk, rapper Snoop Dogg, and Kiss member Gene Simmons.