Elon Musk, founder and chief engineer of SpaceX, will speak at the Satellite 2020 conference in Washington, DC, USA on March 9, 2020.
Yasin Ozturk | Anadolu Agency | Getty Images
Dogecoin is on another wild run higher, this time it briefly helps break Robinhood’s trading app in the process, and an analyst credits Elon Musk̵
The meme-inspired token has risen nearly 30% on Tuesday and more than 11,000% this year.
The Dogecoins rally started in early February thanks to a series of tweets from Tesla and SpaceX boss Elon Musk, and an analyst suggests he’s also responsible for the current move.
“Dogecoin is rising because many cryptocurrency traders will not miss any buzz stemming from Elon Musk’s host of Saturday Night Live,” wrote Edward Moya, senior market analyst at Oanda.
Although it started as a joke back in 2013, Dogecoin has since gained a feel that has helped bring the token’s value higher, driven in part by celebrity endorsements like those from Musk, Dallas Mavericks owner Mark Cuban, Snoop Dogg and Kiss bassist Gene Simmons.
“If there is enough of a community around an asset and that community decides to effectively create long-term value through some kind of declining supply ceiling over time, it can actually be equivalent to a valuable currency,” said Mike Bucella, Blocktower Capital general partner. .
The real value is in today’s meme-driven culture, and doge represents the network value of memetics, which can prove to be enormous. If the DOGE community at some point decides to implement a combustion or new supply mechanism via a protocol hard fork, then this value will be more likely to be preserved in the long run. “
Dogecoin critics note that even proponents of the currency refuse to claim it has any inherent value, unlike promoters of currencies like Bitcoin and Ether. Moya writes that the Dogecoin bubble should have burst now, “but institutional interest is trying to capitalize on this momentum, and it may support another push higher.”
Some members of the SNL cast have been grumbling via social media about the mercury-leading appearance on the show.