The cryptocurrency token Dogecoin has spiked in price after Elon Musk posted a cryptic tweet about it on Wednesday morning. Meanwhile, Dogecoin has also been discussed on The Ellen DeGeneres Show after billionaire entrepreneur and media personality Mark Cuban explained what it was. Musk, CEO of Tesla and SpaceX , tweeted at 2:20 a.m. ET: “The Dogefather. SNL May 8.” It appears to be in reference to the fact that he is due to host Saturday Night Live—the late-night U.S. comedy television show—next month. By 6:20 a.m. Dogecoin was up more than 20 percent over the past 24 hours to a price of $0.33. Experts have warned about Dogecoin’s price volatility and the wider risk of cryptocurrency investing. Tone Vays, a Bitcoin and blockchain analyst, is critical of the token. He told Newsweek : “Doge was created as a joke and left for dead even by its creator. During the last few years however, random people accumulated tens of billions of doge coins almost for free. “Now thanks to Elon Musk and people who like to get rich on MLM schemes and Ponzis the price went up to a level where lucky billionaires decided to cash out and the price… Read full this story
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