Elon Musk Powers Dogecoin Price to $0.50 Ahead of SNL Appearance: Will It Reach $1 Value?

If you have not invested in Dogecoin, then it is better to start considering it now. On Tuesday, May 4, Dogecoin soared past the $0.50 mark, and predictions say it will only continue to rise.

Dogecoin, also popularly referred to as the meme coin, was developed by Billy Markus and Jackson Palmer as a cryptocurrency fun alternative that most traders used to think of as a joke. However, traders cannot ridicule it anymore, as the Dogecoin value grows at an incredibly rapid pace. In less than a day, Dogecoin's value rises from its $0.45 mark and easily breaks past $0.50.

Dogecoin Value Is on the Rise

Express reported that Dogecoin currently has a market cap of around $68.39 billion, making it more valuable than companies such as Twitter and Honda. Qiao Wang, a partner at DeFi Alliance, said that if Dogecoin were listed in the "Standard and Poor's 500 (S&P500) stock market index, the Cryptocurrency would rank higher than 366 companies in the U.S.

When Dogecoin was first released in 2013, it had a value of no more than $0.00026. However, in these last few years and especially in these previous few months, Dogecoin quickly took the market by storm.

Elon Musk Powers Dogecoin Price

Earlier this week, predictions have been made about a Dogecoin price spike. This was because Elon Musk was reported to be Saturday Night Live's (SNL) guest host this coming May 8.

Hypebeast noted that Musk has always been influential with his sparkling interest in cryptocurrency. As one of its most prominent investors, Musk labeled himself as "The Dogefather," effectively marketing the Dogecoin cryptocurrency further. Hours later, the coin's price ultimately rose by 20 percent.

This coming SNL, traders, enthusiasts and investors are waiting out on whatever comments Musk will say. The Tesla CEO might effectively present a new cryptocurrency plan that might go viral for a few days and further motivate the growth of the Dogecoin industry.

Will Dogecoin Reach $1 Value?

The cryptocurrency Dogecoin is having a breakout moment with its skyrocketing value. What started as an online meme is being used widely by the internet population and has created hype on social media. At this moment, people are willing to invest in this hype, making the price bubble that Dogecoin currently enjoys. However, as quickly as it's value rose, people need to look out when the Dogecoin hype comes to an end.

Analysts in DesertNews said that Dogecoin will easily hit the $1 mark in these coming days. This is because it is predicted that more people will continue to invest during this hype period. However, the value might not increase too much beyond in the long-term period because the Dogecoin hype is only undergoing momentum investing, without any real underlying value.

One of the analysts concludes that for Dogecoin to be considered as "future money," the idea of Doge as a meme coin must first erode.