Dogecoin (DOGE) the meme cryptocurrency had become an internet sensation partly due to the hype created around it by Tesla CEO Elon Musk. Musk had been named the unofficial ‘Doge father’. The billionaire CEO had been an ardent supporter of the cryptocurrency and had played a key role in the surge of the cryptocurrency.
Musk had been consistently posting tweets on his Twitter handle which has resulted in volatile surges of Dogecoin. Tweets that depict Doge to the moon have been responsible for the cryptocurrency’s higher highs. Dogecoin had started off as a joke between two engineers and the cryptocurrency was nearly dead prior to the bull run of 2021. But, Dogecoin surged around 14000% in 2021. The upward move of Dogecoin has been regarded as similar to the GameStop fiasco.
The role of Elon Musk in the hype of Dogecoin had been criticized by many citing Dogecoin does not really have any intrinsic value and Elon Musk and the likes are manipulating the market. Musk had also been advised to take a back seat as his twitter feed may warrant a SEC probe.
Musk is set to appear on Saturday Night Live (SNL) and the appearance has been regarded as one of the most anticipated moves by the Dogecoin community as Musk is expected to vocalize his support for the cryptocurrency on a more official platform.
However, the billionaire CEO may have turned bearish on his favorite meme crypto. Hours ahead of his SNL appearance, Musk had reminded the masses that cryptocurrencies are primarily speculative and it is not at all advisable to invest one’s life savings in something mere speculative. The Tesla owner has also commented to not be hoping for any more price pumping posts from him.