Elon Musk will be hosting Saturday Night Live May 8th, and his appearance will likely play around a spoof of Coppola’s Godfather, the ‘Dogefather’.
Now, this particular and maybe controversial promotion of Dogecoin in Musk’s hands can either boost the coin’s adoption and price value or on the contrary, could bury it.
In previous tweets Musk suggested that he is proclaiming himself as the ‘Dogefather’ in relation to his influence over the Dogecoin community.
Elon Musk Seems to Be able to Create Value in a Joke Token
This appearance as SNL host is controversial at least in two manners, first by occupying the hosting spot meant for remarkable comedians, and second, his intent to promote Dogecoin may result in the opposite.
Reality shows that Dogecoin supporters are diminishing, and Musk’s influence over crypto may be losing strength. Investors and traders are paying close attention to the outcome of the tv show, particularly for Dogecoin price levels, but also for its influence in the wider cryptocurrency market.
These days prior to the episode, Dogecoin’s price fell slightly. At this moment, DOGE coin fell 6.0% in a period of 24 hours, yet just a fluctuating detail if compared with its 23,000% increment during the past year.
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Regardless of all of these several concerns, Musk could again boost Dogecoin price to the skies. Musk has 53 million followers on Twitter and SNL averages 9 million cable viewers, surely May 8th is the day for Doge.
Even though Doge lost some value in the past weeks, it is gaining adoption on broader platforms. Both Gemini and eToro listed Doge in its portfolio, and Clowdbet, a crypto casino, added it to its currency as well.
In a nutshell, Musk drove Dogecoin’s success during the past several months, yet there is concern about the celebrity’s influence eventually running out. Nevertheless, the DOGE coin is here to stay, gaining a stronger and wider adoption base as time goes by.
