Expectations Rise on Musk's Supportive Remarks for Dogecoin
Digital Currency Group CEO, "When Converting Dogecoin to Bitcoin"
[Asia Economy International Desk Reporter] Ahead of Tesla CEO Elon Musk's TV show appearance, the price of the cryptocurrency Dogecoin is showing strength.
According to cryptocurrency information site Coindesk, as of 1:30 PM Pacific Time on the 8th, Dogecoin's price was $0.6745, up 6.82% compared to 24 hours earlier. Dogecoin rose to an all-time high of $0.7383 around 10 PM on the 7th before falling and then recovering. Dogecoin's market capitalization also rose to an all-time high of $92 billion (approximately 32.5 trillion KRW) before dropping to $87.27 billion. The value of Dogecoin has surged nearly 140 times since the beginning of this year.
The market views the recent surge in Dogecoin's price as fueled by Musk's consecutive tweets related to Dogecoin and the anticipation surrounding his appearance on NBC's popular comedy show "Saturday Night Live" (SNL) that night, which is boosting Dogecoin's price.
Cryptocurrency investors expect Musk to make supportive remarks about Dogecoin during his SNL appearance. Musk himself sparked these expectations by posting on Twitter on April 27, "Dogefather SNL May 8."
However, Barry Silbert, CEO of the venture capital firm Digital Currency Group, which focuses on the cryptocurrency market, poured cold water on these expectations by saying, "It's time to convert your Dogecoin to Bitcoin." Silbert is an influential figure in the cryptocurrency market.
Meanwhile, at the same time, Ethereum, which has been showing a steep upward trend recently, rose 9.40% compared to 24 hours earlier, reaching an all-time high of $3,841.27. Ethereum, the second-largest cryptocurrency by market cap after Bitcoin, saw its market capitalization increase to $444.75 billion. Bitcoin also rose 2.84% compared to 24 hours earlier, reaching $59,366.10, with its market capitalization increasing to $1.11 trillion.
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