Dogecoin went soaring again this morning, adding another 20% to its valuation, after breaking 50 cents for the first time on Tuesday.
Started as a “joke” coin in 2013 off of a Shiba Inu meme, Doge coin has gained traction recently. Many think it is because of Elon Musk’s endorsement and upcoming “Saturday Night Live” hosting. In the past 24 hours, Doge Coin is up around 40%, and senior market analyst at Oanda, Edward Moya, believes it has to do with Musk’s “SNL” gig CNBC reports.
“Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of ‘Saturday Night Live'” Oanda stated.
Elon Musk’s tweet read “The Dogefather. SNL May 8” last week. The Tesla CEO has long been a supporter of cryptocurrencies and most recently Dogecoin. His comments last month on the cryptocurrency led to its first surge, which saw the Robinhood trading app crash. Musk is said to like Dogecoin “because he likes jokes.”
Another celebrity supporter of the Doge is Mark Cuban. In a conversation with Ellen DeGeneres, Cuban stated last week, “Cryptocurrency is just an asset to invest in. Bitcoin is kind of like a digital version of gold. Ethereum is a digital version of a currency. And then you got dogecoin, which is just fun. But the weird part about it [is] it went from being a cryptocurrency joke to now becoming something that’s becoming a digital currency.”
Beware the Doge: this is still very much a volatile asset and investors need to be extremely careful. The crypto market has been something of an enigma the past few months, with joyous surges but volatile downturns. Investing in Doge holds the same principles as any other cryptocurrency — if your suitability allows you to do so, it can’t hurt. If you are not in a position to gamble money, be it in the stock market or in the crypto market, the Doge surge certainly does not change anything.
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This article originally appeared on GOBankingRates.com: Dogecoin Surges Ahead of Musk’s ‘SNL’ Hosting Gig — Is it Safe To Buy?