Elon Musk, DOGE market maker? Meme currency pumps as SNL skit looms
May 1, 2021. Summarized by summa-bot.
Compression ratio: 34.8%. 1 min read.
Price and social media sentiment are trending up as DOGE investors prepare for a pop culture debut.
As a weeklong pump carries the meme cryptocurrency up 12% on the daily to $. 33 and a staggering 43. 8% higher on a 7-day basis, some are now speculating the rally could be fueled perhaps in part by a social media tease from billionaire Elon Musk that he’ll be participating in a Saturday Night Live sketch titled “The Dogefather. ”
Elon Musk talks about $DOGE Coin(Released 4 Hours Ago)@elonmusk said "There is a good chance that #Crypto is the future currency of Earth . . .
In January, the Blockchain Research Lab published a paper, “How Elon Musk’s Twitter activity moves cryptocurrency market,” that found six instances of Musk’s social media activity propelling DOGE higher.
DOGE is notably susceptible to buzz, with social media volume — especially positive sentiment social media volume during American daytime hours — consistently driving the currency higher.