Dogecoin Price Prediction: Joke Crypto Nearing 50-Cent Mark Ahead of Elon Musk's SNL Show

Predictions are coming in that the Dogecoin price will have a massive spike soon. Investors should keep an eye out if they want to jump in before the surge.

Dogecoin is a cryptocurrency invented as a joke. It came out from the "Doge" meme featuring a Shiba Inu dog that serves as its namesake and logo. Released first in 2013, Dogecoin had a value of around $0.00026. Years after, Dogecoin's price has been increasing and even reached 40 cents as of time of writing.

The meme crypto has gained a massive increase in its value for two primary reasons: the internet community found this meme cryptocurrency funny and backed it, purchasing it as collectibles or to simply to join the fun. This led to the second reason that the Dogecoin cryptocurrency is being widely used in the market today, gaining traction and value in the industry.

Traders would need to look out for the incoming events this week, particularly on May 8, when the Saturday Night Live goes on air. Tesla CEO Elon Musk will be the show's special guest as a world ambassador to Dogecoin, which could potentially create huge change in the Dogecoin price over the weekend.

Elon Musk Supports Dogecoin

Musk has been a huge supporter of the cryptocurrency industry. His automotive company Tesla was reported to accept Bitcoins as a mode of payment, and the billionaire had made many tweets about Dogecoin.

A particular tweet that spiked the interest of many came out from April 28 when Musk said: "The Dogefather, SNL May 8." The tweet gave a boost to the Dogecoin price at the time (at$0.31), proving that Musk remains a strong influencer to the cryptocurrency.

Now, the internet community is waiting out on what major announcement or comments Musk would make on the show that might directly affect the market value of Dogecoin.

Dogecoin Price Prediction: Reaching 50 Cents Possible?

Investorplace reported that Dogecoin has spent the last 24 hours in a continuous rise in value, gaining over 43 percent increasing annd closing in to 40 cents in value. The meme coin's market capitalization also surpassed $50 billion.

Many investors believe that the value would spike up and soon reach the 50-cent mark. With that said, some are getting excited about the future potential of the once-joke crypto.

The report also noted analysts' prediction for the popular cryptocurrency. InvestingCube suggested buying Dogecoin as it is expected to surpass the "resistance level" it once hit. On the other hand, PrimeXBT highlighted that upcoming events (like Musk's SNL appearance) could be the breakout moment for the crypto to reach new highs.

However, FXStreet warned that should Dogecoin stay on its 42-cent resistance level, the much-awaited price surge could not happen.

Unfortunately, investing in cryptocurrencies remains erratic and unpredictable. While many believe Dogecoin will be successful, skeptics still warn investors to keep an eye out for possible price crashes. Latest reports predict a surge coming this May 8; however, whether the Dogecoin retains or decreases its value remains to be seen.