The once-joke cryptocurrency Dogecoin has seen a significant growth over the last few months, even seeing an over 8,000 percent increase this year. Furthermore, the Dogecoin stock value has risen again, thanks to Elon Musk and Mark Cuban.
Dogecoin Stock Value Rises After Elon Musk Tweet
According to MarketWatch, Dogecoin's market value had a 32 percent rise after Elon Musk posted a tweet on Wednesday, at 2 AM EST. Musk wrote "The Dogefather. SNL May 8." While it is unknown what he means, the impact of the tweet on the cryptocurrent is a clear sign of his control over it.
The Dogefather— Elon Musk (@elonmusk) April 28, 2021
SNL May 8
For what it's worth, the publication also reported that on a Dogecoin Subreddit forum, a user stated that "You all know what happens when Elon Musk tweets. We all make money."
Dogecoin fans have always wanted to make the crypto coin reach a value of $1 for each, and they might see it soon. After all, the cryptocurrency was valued at $0.05 before 2020 ends and it is currently at $0.31 on Coinbase, a 13,000 percent rise.
Let’s find out just how live Saturday Night Live really is 😈— Elon Musk (@elonmusk) April 25, 2021
Mark Cuban Backs Dogecoin
As per Forbes, Dallas Mavericks owner Mark Cuban told Ellen DeGeneres in her show that Dogecoin might not the world's most excellent investment, but it still beats a lottery ticket. Cuban added that Dogecoin is a great cryptocurrency to start learning how crypto money works, adding that he believes that its value will soon go up.
This week, the billionaire revealed that the Mavs have recorded 6,000 Dogecoin transactions in April after integrating cryptocurrencies in purchasing game tickets. Cuban also stated that if Dogecoin's value comes down, people can still use it to purchase Mavs NBA tickets to watch their games.
Furthermore, Cuban tweeted that Dogecoin is the cryptocurrency people often use for payments, even though the NBA team franchise accepts other cryptocurrencies like Bitcoin and Ethereum through their BitPay App.
Because Doge is the one coin that people actually use for transactions. We take many others via @BitPay . But people spend their Doge and that means more businesses will start taking it. The greatest inhibitor to it's growth is that you can't spend the Doge you buy on Robinhood https://t.co/TrhT9pYkcb
Because Doge is the one coin that people actually use for transactions. We take many others via @BitPay . But people spend their Doge and that means more businesses will start taking it. The greatest inhibitor to it's growth is that you can't spend the Doge you buy on Robinhood https://t.co/TrhT9pYkcb— Mark Cuban (@mcuban) April 26, 2021
Elon Musk On SNL
MarketWatch also noted that Elon Musk has never failed to promote his upcoming guest appearance on one of the most extended television comedy shows, "Saturday Night Live." Musk will be the guest host of the comedy show and previously posted a tweet saying: "Let's find out how Live Saturday Night Live really is" with a Devil Emoji.
Am hosting SNL on May 8— Elon Musk (@elonmusk) April 25, 2021
Many had regretted not buying Dogecoin stocks when it had little to do with the stock market and were at a lower price. But whatever the future holds for Dogecoin, Musk will certainly be there to raise a flag "to the moon" and be the "Dogefather."
It’s inevitable pic.twitter.com/eBKnQm6QyF— Elon Musk (@elonmusk) July 18, 2020
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL— Elon Musk (@elonmusk) April 15, 2021
… going to moon very soon— Elon Musk (@elonmusk) April 10, 2021