Dogecoin prices soared on Wednesday after Tesla CEO Elon Musk called himself “The Dogefather.”
Musk, who will host Saturday Night Live on May 8 alongside musical guest Miley Cyrus, tweeted about his future appearance on the show.
According to CNBC, Dogecoin’s price rose by 20 percent on Wednesday, surging to $0.34 USD before dropping slightly.
The coin has experienced a meteoric rise in recent weeks, surging to an all-time high of $0.43 USD earlier this month. Musk frequently tweets about the cryptocurrency, causing its value to jump. A recent study conducted by global consumer research platform Piplsay found that many Americans have been inspired to invest by Musk’s tweets.
Investor and Dallas Mavericks owner Mark Cuban has also been tweeting about Dogecoin in recent days, calling the cryptocurrency “the one coin that people actually use for transactions.”
“People spend their Doge and that means more businesses will start taking it,” he said in a series of tweets.
On Tuesday, Cuban made an appearance on the “Ellen Show” said that Dogecoin was “a whole lot better” of an investment “than a lottery ticket.”
Not everyone is thrilled by Musk’s future appearance on SNL, and some of the show’s cast members took to social media to share their disapproval.
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