Dogecoin's value soared as many traders did not want to miss out on any rumors stemming from Elon Musk's participation in Saturday Night Live
In January 2021, cryptocurrency traders around the world imagined the prospect of DogeCoin reaching the 10-cent ($0.01 / Dogecoin) price mark. However, things have changed dramatically in just a few months.

Accordingly, at 13:00 on May 5, DogeCoin hit $0.69 / 1 Dogecoin - the highest ever price of a cryptocurrency that was born to be a 'meme'. Currently, Dogecoin's price is trading at $0.66 mark.

Dogecoin's price jump is by no means accidental. In fact, it started with a tweet by billionaire Elon Musk. As one of Dogecoin's most ardent supporters, tweets from the Tesla CEO tend to cause the cryptocurrency's price to skyrocket.

Accordingly, the price of the cryptocurrency suddenly skyrocketed at a time a week ago, when Elon Musk tweeted about The Dogefather and his upcoming performance on the hit show Saturday Night Live on May 8.

According to many crypto experts, Dogecoin's value soared as many traders did not want to miss out on any rumors stemming from Elon Musk's participation in Saturday Night Live - which was supposed to help ' Dogecoin's 'reputation' is more widely accessible to the public.

Additionally, the fact that trading platforms like eToro and Gemini allow Dogecoin trading on the exchange has significantly expanded the reach of the cryptocurrency.

For example, eToro alone, with 20 million users, can easily buy DogeCoin. Notably, the spike in DogeCoin trading appears to have caused problems for the Robinhood investment app. The app claims to be having problems with cryptocurrency transactions, possibly due to rising user demand.

As of now, Dogecoin is the 5th largest cryptocurrency by market cap, after Bitcoin, ETH, and BNB. Notably, the market capitalization of Dogecoin (about $86 billion according to data from Coinmarketcap) is more than double the capitalization of American automaker Ford Motor Company ($45.2 billion) and the guy. Twitter giant (44.1 billion USD). That figure is even higher than the market capitalization of Honda Motor, which only reached $54.5 billion, according to data compiled by Bloomberg.

However, crypto experts recommend Dogecoin has many drawbacks compared to other cryptocurrencies, including its technology and potential. Therefore, cryptocurrency investors need to be cautious before deciding to buy this coin.
Axact

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