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Elon Musk Calls Himself ‘The Dogefather’, Dogecoin Price Shoots High Once Again!

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Elon Musk’s enthusiasm for cryptocurrencies has not lessened. Tesla’s CEO has repeatedly rallied support for bitcoin and dogecoin, a meme currency, today Elon Musk Tweeted again saying The DogeFather SLN on May 8th.

On Wednesday, Dogecoin (DOGE) Price hit a new 24-hour high after Tesla Inc CEO Elon Musk hinted that the meme cryptocurrency will be featured on his upcoming “Saturday Night Live” episode.

The value of cryptocurrency increased exponentially after this tweet, in which the executive says that the growth of dogecoin is “inevitable,” more than doubling now after this latest tweet, and the price is said to have increased by 100% Today Alone.

Musk will host “Saturday Night Live” on May 8th, it was revealed on Saturday. “Saturday Night Live” is shown on NBC, which is owned by Comcast Corporation, with replays available on Hulu and Peacock.

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Musk will perform alongside musical guest Miley Cyrus, who will be appearing on the show for the sixth time. The film, which will be hosted by Elon Musk, is expected to attract new viewers to “SNL.”

On April 16, the Shiba Inu-themed cryptocurrency soared to an all-time high of $0.4377, boosted by social media hype. According to CoinMarketCap numbers, Dogecoin is now the sixth-largest cryptocurrency by market capitalization.

Dogecoin hit a 24-hour high following Musk’s tweet. The cryptocurrency has risen 20.4% in the past 24 hours and is trading at $0.3291 at press time.

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Dogecoin holders in the US significantly outnumber the rest of the world

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• The meme crypto is trading over $0.24 today, the 23rd of October.
• Dogecoin touted as a perfect alternative for fast crypto transactions.

According to research from Finder, a cryptocurrency survey agency, Dogecoin has improved its adoptions among North American enthusiasts. The agency specifies that the purchase of the token has doubled so far this year, positioning the US as number one in DOGE adoptions.

Doge, a meme cryptocurrency developed in 2013, has gained fame with the CEO of Tesla Elon Musk alongside other celebrities on Twitter’s speculations. The research agency indicates that DOGE ranks high among the top three cryptocurrencies, alongside Ether and Bitcoin.

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Dogecoin has become one of the favorite tokens for Americans

Dogecoin

Finder clarifies that Dogecoin is becoming one of the favorite cryptos for Americans after Bitcoin. The figures indicate that the adoptions wave in DOGE is 30 percent, which shows a large increase compared to last year.

The research also talks about ADA, a cryptocurrency developed by Cardano, which has been very famous among Australians. According to research, ADA would be in fourth place in adoptions in the United States, while 4 out of 10 people in the Australian region have it.

The study also focuses on the crypto adoptions wave in Asia, where Dogecoin is not as well-received as Bitcoin, Binance Coin, and Ethereum. Enthusiasts focus on Bitcoin’s highest value in this region, while another part seeks to profit from ETH.

The research is based on over 41,000 people surveyed in the United States and 21 other countries. According to the study, at least one in ten people have cryptocurrencies globally, showing that the adoption wave grows.

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The reason for DOGE’s increease in adoptions

The new adoptions wave in Dogecoin could be due to many reasons, starting with the token’s value in recent weeks. According to CoinMarketCap, DOGE is trading at $0.2468, representing a rise of 3.24 percent of its price in less than 24 hours. The crypto website also specifies that the token has increased in price to over 2.69 percent in the last seven days.

After Polkadot, this high index makes crypto meme number nine among the top crypto outperforming USDC and LUNA. DOGE has also gained fame as the preferred crypto of Elon Musk. Musk recently posted a new tweet about Dogecoin that helped boost its value.

The cryptocurrency meme has also been taken as a great option for enthusiasts looking for speedy crypto transactions. DOGE has become the perfect alternative to tokens like Bitcoin because its demand is not that high. However, it is a long way from comparing itself to the higher-priced cryptocurrency, which recently surpassed the $66,000 range.

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JPMorgan Has Bearish Warning About Dogecoin and Robinhood

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JPMorgan’s analyst maintains his bearish view on Robinhood due to low retail interest in Dogecoin

JPMorgan has maintained an “underweight” rating on the Robinhood stock, sticking to its $35 price target.  

In a Friday note, analyst Kenneth Worthington cites weak Dogecoin volumes as the key reason why he thinks that the leading online brokerage app is vulnerable.    

As reported by U.Today, the meme cryptocurrency accounted for a whopping 62%  of the firm’s crypto-related revenue in Q2.   

Worthington writes that, unlike cryptocurrency-focused trading platforms, Robinhood has failed to record an upsurge in trading volumes this October:

While 3Q21 volumes remain robust, they slowed down materially from 2Q21 levels.       

Dogecoin is only up a modest 15% this month, significantly underperforming its canine rival Shiba Inu. Yesterday, Robinhood CEO Vladimir Tenev seemingly dodged a question about listing plans for SHIB amid rampant speculation on social media.

In late September, Worthington also wrote that the company’s stock could experience significant selling pressure after the expiration of the lockup period on Dec. 1. More than half a million shares will be unlocked on that day.

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Robinhood is set to announce its Q3 earnings on Oct. 26.  

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Elon Musk Says He Will Become First Dogecoin Trillionaire

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The Tesla CEO says that he will become the world’s first trillionaire in Dogecoin

Tesla CEO Elon Musk claims that he will become the world’s first Dogecoin trillionaire in a recent tweet. 

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Musk’s net worth has now swelled to $249 billion, according to the Bloomberg Billionaires Index. 

The entrepreneur is now worth more than the gross domestic product of New Zealand (and he’s close to surpassing Portugal).

His wealth has increased thanks to the renewed Tesla rally. The shares of the leading e-car maker hit a new all-time high of $910 earlier today.

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Morgan Stanley predicts that Musk is on track to become the world’s first trillionaire thanks to SpaceX. 

In July, Musk revealed that he personally owns Bitcoin, Dogecoin and Ether. 

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