Joke’s cryptocurrency Dogecoin price has risen once again when Elon Musk declared himself a ‘Godfather’ and hinted that he would promote the suspected property on Saturday Night Live.
Dogecoin traded the equivalent of $ 0.346254 on Wednesday morning, after a one-week high, Musk tweeted on ‘The Dogfather SNL May 8’, in which he mentioned the date of hosting the sketch show.
For months, Musk has been a frequent champion of DogCoin, which was created as a joke in 2013 and traded for less than one percent for a long time.
This has given rise to some demand that regulators take action against Tesla’s CEO and ‘texting’ Musk, who is heavily invested in cryptocurrency bitcoin.
On Wednesday, Tesla said that the fair market value of bitcoin held as of March 31 was $ 2.48 billion, suggesting it could earn about $ 1 billion from the investment if it was cash in digital currency.
Tesla said it had bought or received $ 1.5 billion in bitcoin by the end of the first quarter, and reported that its position had grown by more than 10 percent during the quarter.
After Barstool Sports founder Dave Portnoy took to Twitter to accuse Musk of the ‘pump and dump’ scheme, Musk reprimanded him, saying, ‘I haven’t sold any of my bitcoins.’
“Tesla sold its 10% stake as an alternative to essentially placing cash on the balance sheet to prove the liquidity of bitcoin,” he said.
Tesla said income from the sale of digital assets increased to $ 272 million with a ‘positive impact’ of $ 101 million.
The company said it reported a $ 27 million loss on its bitcoin investment in the three months ending in March.
Bitcoin prices have slipped from their all-time highs earlier this month, following concerns about increased capital gains tax under strict regulations and the Biden administration, but remain up to 90 percent from the beginning of the year.
Dogcoin has seen a 6,000 percent increase for the year so far, surpassing the more widely used cryptocurrency such as Teether, becoming the fifth largest coin.
While DogCoin, whose logo is a Sheeba Inu dog popularized by online memes, represents only a fraction of the $ 1 trillion value of bitcoin, it can similarly be traded on crypto exchanges and the popular mainstream trading app.
Data from social analysis platform Cyabra shows that one-quarter of the accounts Dogcoin discusses online are less than four months old, and more than 20 percent of all accounts that comment on Doge appear to be fake.
Last week, Dogecoin hit an all-time high fuel by social media hashtags promoting ‘DogeDay’, a coin celebrating holiday celebrated to coincide with the April 20 date that recalled marijuana use is.
According to data shared with DailyMail.com, the company found that Musk’s tweet sparked a frenzy of social media activity promoting DogCoin.
Musk, who was subduing himself to Tesla’s Technococking in a regulatory filing last month, has been promoting Dogcoin online with jokes and mimes since February, and has said that he is undergoing a Securities and Exchange Commission investigation into its activities Welcomes
‘I hope they do! It would be terrible, ‘Musk tweeted on February 25, responding to unconfirmed online rumors that the SEC planned to investigate their frenzy of Dogcoin’s tweet.
Cryptocurrency is not regulated by the SEC, which oversees securities like stocks, but Musk has already entered into settlements with an agency that can put its tweets under increased scrutiny.
A SEC spokesman declined to comment at the time when asked by DailyMail.com if he could confirm Musk’s plan to investigate Dogcoin’s tweet.
Musk has previously attracted sanctions for the SEC for his content tweets about Tesla, where he is the CEO and a major shareholder.
He settled with the SEC over complaints that were prompted by a tweet about the company’s personal take and another shared production estimate.
Publicly traded companies are regulated by how they make forward-looking statements, to ensure that investors have equal access to news that can push share prices significantly.
As part of the settlement, Musk agreed to tweet any of Tesla’s financials or outlooks reviewed by compliance officers at the company before posting them.
Cryptocurrency is not regulated in the same way, and Musk’s tweets about Dogcoin are unlikely to be in violation of any current law or regulation, regardless of who owns the cryptocurrency.
However, the Biden administration is being closely watched to signal a new crack in crypto regulations.
Treasury Secretary Janet Yellen, who will take the lead in any new regulatory framework, has expressed doubts about bitcoin, saying it could be used to finance money laundering or terrorism.
Musk is due to host Saturday Night Live on May 8 with musical guest Miley Cyrus.