As the much anticipated Dogecoin skit on Saturday Night Live approaches, Elon Musk has cautioned investors not to over-invest in crypto.
The Tesla boss is one of the few persons whose tweets move the meme-token. Having identified with DOGE fans, he once called the token his favourite cryptocurrency. Crypto enthusiasts are hoping his appearance on the show will help them fulfil their long-standing desire of pushing the DOGE price above $1.
Last week, when Musk shared a tweet calling himself “The Dogefather SNL May 8,” the coin soared by nearly 20% in less than 15 minutes. This shows that there is so much anticipation buildup regarding his appearance on SNL on May 8.
Musk took to his Twitter to warn his followers to be cautious while investing in cryptocurrency. The billionaire tweeted “cryptocurrency is promising, but please invest with caution.” He also added a video clip where he warned investors not to put their life savings in crypto.
Dogecoin up by Nearly 4% Following Elon Musk’s Tweet
However, Musk has overall shown support for cryptocurrencies. Tesla purchased 1.5 billion worth of Bitcoin earlier this year, which triggered more institutional adoption. Thus, strengthening the wider adoption by the mainstream.
Following Tesla CEO’s tweet, the coin rallied more than 3% to $0.59. Since the year started, the coin is up by more than 11,000%. Its market cap is just shy of $80 billion, surpassing the like of Dell and MercadoLibre.
Exchanges like eToro listing Dogecoin on their platform has also contributed to the coin’s rally. DOGE also recently flipped XRP as the fourth-largest cryptocurrency by market cap. As earlier reported today, the excessive demand for Dogecoin has crashed the Indian exchange, WazirX.
As of press time, Dogecoin was exchanging hands at $0.613, down from an intraday high of $0.6443 according to coinmarketcap.