Dogecoin (DOGE) continues to clamber up the rankings, hitting its latest all-time high Saturday morning.
According to data, DOGE has smashed its own record once again. The meme-inspired cryptocurrency reached a price of $0.73 early on Saturday morning. Surpassing the all-time high it set only two days before – specifically $0.65 on May 6. While it only stayed at the height of that wave for a short while, DOGE has skirted above the $0.70 ever since.
Alongside this figure, other data revealed that DOGE is now ranked the 4th most valuable cryptocurrency. That’s with a market capitalization of over $91 billion. An astronomical evolution from its position in January, where it was valued at less than a penny.
In fact, the demand for DOGE has grown to such an extent that it crashed India’s largest exchange on May 6. Believing the surging traffic to be a cyberattack, WazirX blocked user access. The exchange’s CEO said that no other exchange in India had seen that amount of traffic.
The Musk Effect
DOGE’s reputation has grown considerably over the last few months. With some celebrity fans helping it along. The most notorious of which is the Tesla and SpaceX CEO Elon Musk. A lot of DOGE’s growth, including its rapid series of all-time highs, has been attributed to Musk’s continuous Tweets about the altcoin.
It could be argued, therefore, that this latest surge in DOGE’s value is on account of the same thing. Late Friday night, Musk issued yet another Tweet. While primarily relating to his long-awaited appearance as host of the popular late-night comedy showcase Saturday Night Live, the Tweet showed the Dogecoin Shiba-Inu mascot among the show’s “guest stars”. He has referenced DOGE when Tweeting about his SNL appearance in the past. For example, proclaiming himself The Dogefather on April 28.
Musk will host the program on May 8, with Miley Cyrus featuring as guest star. The Tesla CEO is the first person who is neither an entertainer nor an athlete to present the show since Donald Trump in 2015.
This being said, Musk does not actively advocate people investing their life savings in DOGE, or, by extension in any cryptocurrency. Again taking to Twitter to voice his views, he advised caution when it came to investing in cryptocurrencies. This Tweet was, in turn, accompanied by a video in which he referred to crypto investment as speculation. As such, he advised people not to go too far when speculating.
Other celebrity advocates
“As long as more companies take doge for products/services, then Doge can be a usable currency because it MAY hold its purchasing value better than a $ in your bank. If interest rates skyrocket or the amount spent falls or stagnates, so will Doge…”