The cryptocurrency Dogecoin has risen more than 30% in the past 24 hours and more than 11,000% since the beginning of the year, CNBC writes.
Experts say the digital currency, created as a meme token, will soar even higher due to Tesla (NASDAQ:TSLA) founder Ilon Musk’s appearance on Saturday Night Live. The TV show with the billionaire as host is scheduled to air on May 8.
“Dogecoin is appreciating in value as many crypto traders don’t want to miss any of the buzz surrounding Musk’s appearance on Saturday Night Live,” points out Edward Moya, senior market analyst at Oanda.
BlockTower Capital CEO Mike Buccella said Dogecoin’s value to the supporter community has a “higher likelihood of persistence in the long term.”
Dogecoin’s rally began in February 20221 thanks to a series of tweets from Ilon Musk.