What is Dogecoin that is expected to spike after Elon Musk’s appearance in SNL
Tech honcho Elon Musk is hosting the “Saturday Night Live” on May 8, Saturday. The Dogecoin cryptocurrency traders are hosting watch parties for what is expected to be a ‘market-moving event,’ stated a report by Bloomberg.
Elon Musk’s twitter handle tweeted about the same on Friday.
Guest starring … pic.twitter.com/buM3bTOWbX
— Elon Musk (@elonmusk) May 7, 2021
SNL is an American late-night live television sketch comedy show. The famous show has been running since 1975.
Musk claims to be a big fan of Dogecoin, and has even named himself as ‘The Dogefather’ on Twitter. He is seen frequently tweeting about it. His tweets consistently contributed to spike in the price of Dogecoin.
New Jersey based trader Ramy Bekhiet claimed that it wouldn’t come as a surprise if Dogecoin’s price reach up to 90 cents after Musk’s ‘SNL’ appearance, reported Bloomberg.
The crytocurrency Dogecoin, originally came up as a parody. However, according to real-time data tracked by CoinMarketCap, its most recent surge within the past week was 95.76%.
One Dogecoin is presently valued worth $0.63, in comparison to $0.50 just last month.
How to buy Dogecoin?
Dogecoin can be purchased from platforms like Binance and Kraken.
A report by CoinDeskDogecoin says that Dogecoin was formed in 2013 by Adobe employee Jackson Palmer and software engineer Billy Markus. Both of them decided to create a payment system that is exempted of traditional banking fees.
Dogecoin features the face of the Japanese Shiba Inu dog from the famous online “Doge” meme as its logo and namesake. The currency’s non-serious touch instantly made it a hit and gathered a huge following.
However, Coinbase, one of the most famous platforms to trade cryptocurrency, does not support Dogecoin, but you can still add it to you cryptocurrency wishlist.
If you sign up on Coinbase, you will get $5 worth of Bitcoin for free after verification of your identity.
What is cryptocurrency?
Cryptocurrency is a digital asset created to be used online, according to Coinbase.
It doesn’t fall under the authority of the government or any other central authority such as a bank. Thus, it has decentralized control.
Bitcoin was the first decentralized cryptocurrency, that was created as an open-source software in 2009. After the coming of bitcoin, other cryptocurrencies came into being.
If a person wishes to educate him/herself more about the functioning of cryptocurrency he/she can always register in an online course, too. Platforms like Coursera, LinkedIn Learning and Udemy offer courses about the same online.
