Elon Musk has renamed himself "The Dogefather" for his Saturday Night Live (SNL) appearance on May 8, after declaring himself the "Technoking of Tesla" in recent months. With this stunning declaration, the value of the meme cryptocurrency of Dogecoin has risen again to a 20 percent, raising its valuation to almost $42 billion.

Elon Musk, The Dogefather of SNL

Elon Musk Awarded With Axel Springer Award In Berlin
(Photo : Photo by Hannibal Hanschke-Pool/Getty Images)
BERLIN, GERMANY DECEMBER 01: SpaceX owner and Tesla CEO Elon Musk poses on the red carpet of the Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany.

Doge has always been a beloved meme for the internet world, from massive social networking platforms of Twitter and Reddit, it has created a community for the beloved Shiba Inu dog that says weirdly funny phrases. "Much Wow" for Elon Musk, as everything about memes are also his thing, and shares almost everything to his Twitter account.

Yesterday, the CEO has tweeted about being "The Dogefather" for his SNL appearance next weekend, on Saturday, May 8, and said nothing about the meme cryptocurrency or the "to the Moon!" catchphrase of it. Musk's tweet may be referring to the skit he would most likely do on the Emmy-winning show known for its stand-up comedy.

Read Also: JPMorgan Cryptocurrency Fund: Introducing Digital Money Trading in Platform for Investments and MORE


Dogecoin Rises in Stocks, Valuation, Share Price

While the Tesla CEO's tweet having only the faintest hint to "Doge," it still led to the massive rise and jump of the popular meme cryptocurrency in the market, as the recent performance of Dogecoin saw a trend. According to CNBC, Dogecoin has risen to 32 cents per share and its valuation to almost $42 billion, coming from a record-high several weeks ago.

Before, Dogecoin was not that noticeable despite having a massive value in the stock market, but it has been a mainstay in the top charts. But the recent Coinbase IPO put it on the map and has pushed its value to $40 billion, with a massive achievement of being valued at 0.45 cents apiece. This showed Dogecoin's 400 percent increase that maintained and lost only a few.

Currently, according to CoinMarketCap, Dogecoin is enjoying its massive high in the spotlight thanks to Musk's tweet about being "The Dogefather," which put the cryptocurrency in the trend for the last 24 hours. Dogecoin is up by 19 percent for the past 24 hours and 4 percent for the past 7 days, with its value playing in at $0.32 (as of 4:31 PM Wed, Apr. 28).

Did Musk Promote Dogecoin?

While the Tesla CEO did not directly promote Dogecoin via his tweet, the fact that he mentioned something about Doge has made an impact on the meme cryptocurrency's current valuation and trending status. Experts still believe that Dogecoin is in its bubble right now, and it would burst soon, leading to a massive letdown and loss for its investors.

Related Article: Video Game Publisher NEXON Makes $100 Million Cryptocurrency Purchase: Crypto Whale Make Price Bullish?

This article is owned by Tech Times

Written by Isaiah Alonzo

ⓒ 2021 TECHTIMES.com All rights reserved. Do not reproduce without permission.