DOGE is set to make its pop culture debut.
As a weeklong pump carries the meme cryptocurrency up 12% on the daily to $.33 and a staggering 43.8% higher on a 7-day basis, some are now speculating the rally could be fueled perhaps in part by a social media tease from billionaire Elon Musk that he’ll be participating in a Saturday Night Live sketch titled “The Dogefather.”
The market, however, takes his possibly tongue-in-cheek Tweets very seriously. While the correlation may be loose and complex, multiple studies have demonstrated that Musk tweeting about the currency tends to drive it higher.
In January, the Blockchain Research Lab published a paper, “How Elon Musk’s Twitter activity moves cryptocurrency market,” that found six instances of Musk’s social media activity propelling DOGE higher.
Likewise, an analysis from Protos found that four of his tweets had a double-digit percentile impact on DOGE’s price (his tweets about Bitcoin and Ethereum may also move those markets, but DOGE’s lower marketcap makes it easier to pump).