Elon Musk tweet drives up value of Dogecoin

5 Live

The value of the cryptocurrency Dogecoin has climbed significantly following a tweet this week from billionaire Elon Musk.

Musk simply tweeted, “The Dogefather SNL May 8.”

The tweet was both a reference to his frequent tweets about Dogecoin, and his planned appearance on “Saturday Night Live.”

Within 24 hours, Dogecoin’s price soared 20% to 32 cents, CNBC reported. Dogecoin started as a joke in 2013. It is now the sixth-largest digital coin with a total market value of almost $42 billion, according to CNBC.

This segment aired on 5 Live on April 29, 2021.

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