Dogecoin (DOGE) has hit another all-time high, just 21 hours before Elon Musk is anticipated to air a skit about the coin on Saturday Night Live.
Dogecoin hit $0.73 at 5:45 am WAT before retreating to its current price, $0.71, according to data from Binance. Saturday Night Live, the comedy show that the Tesla and SpaceX CEO is hosting, airs at 8.30 pm Pacific Time (PT), or 4.30 am Sunday WAT.
The meme coin, created in 2013 to mock Bitcoin (BTC) spinoffs, almost surpassed the market cap of the third-largest cryptocurrency, Binance Coin (BNB). At $0.73, Dogecoin’s market cap reached $95.3 billion, just 1.6 percent less than the market cap of BNB.
“For everyone in the #binance ecosystem, don’t get distracted, just keep #buidling,” tweeted Changpeng Zhao, Binance’s CEO.
Speculators believe that the SNL skit could introduce Dogecoin to a whole new audience. The hope is that viewers will become so entranced by the skit that they’ll buy Dogecoin, pushing up the price.
The skit has already helped Dogecoin. When Musk tweeted, “The Dogefather. SNL May 8,” on April 28, the price rose 15 percent to $0.32.
Dogecoin set it’s previous all-time high $0.69 a lewd number pushed by the Dogecoin Army, a group of die-hard fans on May 5.
Speculators hope that Musk’s skit will at least push the price up to $1 by Monday.
Gemini and eToro listed the dogecoin earlier this week, and Robinhood’s crypto trading service went offline as Dogecoin soared.
Dogecoin is an extremely volatile cryptocurrency with a track record of pumps and dumps. It’s risen from under $0.01 in January to today’s all-time high of $0.73 with a number of spectacular rises and crashes.
Should the coin crash shortly after Musk’s skit, investors may no longer find the coin so funny.
Coinbase, the US’s largest cryptocurrency exchange, has still not listed it.