Elon Musk's 'Dogefather' Skit on SNL: Dogecoin Will Hit $1, Investors Hope

Tesla founder Elon Musk tweeted that he would be doing a 'Dogefather' skit on Saturday Night Live (SNL), which would be featured on May 8 on television screens across America. Investors are excited that Dogecoin is going mainstream, which would eventually draw more attention and investors towards the cryptocurrency, making the price to shoot up further.

Several investors took to Twitter saying they hope the price of Dogecoin will touch $1 after the SNL premier and urged others to invest in Doge to experience the price boom in real time as Musk has the ability to drive the markets upwards with his tweets and a television skit can go much more further.

Dogecoin Cryptocurrency
Twitter / Dogecoin

The billionaire and Space X founder took to Twitter a while back with a tweet that read, ''The Dogefather SNL May 8.''

Elon Musk has been repeatedly tweeting about Dogecoin since the time he invested $1.5 billion in the cryptocurrency, saying the investment is made not for him, but for his son X Æ A-Xii's future, hinting that he would not sell his holdings anywhere in the near term, and only his son will decide what to do with it when he reaches an age to make financial decisions.

However, many people are skeptic about Musk's investments in Dogecoin and his ability to drive up the market with his tweets, as the billionaire is creating an artificial hype for the coin and a bubble that can burst anytime in the near future, risking the investments of millions of people.

Elon Musk
Elon Musk said Tesla cars will soon have 1,000 kilometers range per charge Wikimedia Commons

A user replied to Musk's latest tweet about the SNL skit and warned other investors to stay alert, saying if Musk squares off his profits, the price of Dogecoin would nose dive drastically with no hopes of turning back as the hype and the bubble would simply burst, leaving investors to feel high and dry and on the streets.

Dogecoin, which started as a joke by two software engineers in 2013, is now the most talked about and sought after cryptocurrency in the market and investors believe it would reach Bitcoin levels if held in the long term.

However, the price of Doge has been slipping since a week and currently trades at $0.2854 at the time of publishing.

Reports were also doing the rounds that Amazon founder Jeff Bezos is planning to invest in Dogecoin but none of it have been made official yet.

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