Dogecoin traded as high as $0.346254 on Wednesday morning, a one-week high, after Musk tweeted ‘The Dogefather SNL May 8’, referring to the date he is scheduled to host the sketch show.
For months, Musk has been relentlessly championing Dogecoin, which was created as a joke in 2013 and long traded for less than one cent.
It has led some to demand that regulators take action against Musk, the CEO and ‘Technoking’ of Tesla, which is heavily invested in the cryptocurrency Bitcoin.
The price of the joke cryptocurrency Dogecoin has soared once again after Elon Musk decreed himself the ‘Dogefather’ in reference to his upcoming appearance on Saturday Night Live
On Wednesday, Tesla said that the fair market value of the Bitcoin it held as of March 31 was $2.48 billion, suggesting it could stand to make around $1 billion dollars from the investment if it were to cash in the digital currency.
Tesla said it had bought or received $1.5 billion in Bitcoin by the end of the first quarter, and reported that it had trimmed its position by 10 percent during the quarter.
After Barstool Sports founder Dave Portnoy took to Twitter to accuse Musk of a ‘pump and dump’ scheme, Musk rebuked him, saying ‘I have not sold any of my Bitcoin.’
‘Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet,’ he added.
Tesla said proceeds from sales of digital assets amounted to $272 million with a $101 million ‘positive impact’.
The company added that it recorded $27 million of impairment losses on its Bitcoin investment in the three months ending in March.
Musk responded to Barstool Sports founder Dave Portnoy’s ‘pump and dump’ allegations
A 24-hour view of Dogecoin price shows the sharp spike after Musk’s Wednesday tweet
Dogecoin long traded for less than one cent and was regarded as essentially worthless
The price of Bitcoin has slumped from its all-time high earlier this month, following concerns about stricter regulations and an increase in the capital gains tax under the Biden administration, but remains up 90 percent from the beginning of the year.
Dogecoin has seen a 6,000 percent surge for the year so far, overtaking more widely-used cryptocurrencies like Tether to become the fifth-largest coin.
SNL cast express annoyance at selection of Musk as host
Several Saturday Night Live cast members have aimed sly digs at Elon Musk in their Instagram stories, expressing annoyance that the CEO and ‘Technoking’ of Tesla has been selected to host the show next month.
After SNL announced on Saturday that Musk will host the May 8 episode, cast members Bowen Yang and Aidy Bryant posted Instagram Stories taking aim at the billionaire.
After Musk, known for his unique banter on Twitter , tweeted ‘Let’s find out how live Saturday Night Live really is,’ Yang posted the tweet on Stories with the response ‘what the f*** does this even mean’.
And hours after the hosting announcement, Bryant seemed to aim a subtle shot at Musk, the world’s second richest man, by posting an old quote from Senator Bernie Sanders calling it a ‘moral obscenity’ that the 50 richest people in America own more than the bottom half combined.
While Dogecoin, whose logo features a Shiba Inu dog popular from an online meme, represents only a fraction of Bitcoin’s $1 trillion value, it can likewise be traded on crypto exchanges and popular mainstream trading apps.
Last week, Dogecoin hit an all-time high fueled by social media hashtags promoting ‘DogeDay,’ a holiday celebrating the coin timed to coincide with the April 20 date that commemorates marijuana use.
Data from social analysis platform Cyabra suggests that one-fifth of the accounts discussing Dogecoin online are less than four months old, and more than 20 percent of all accounts commenting on Doge appear to be fake.
The company found that Musk’s tweets have driven a frenzy of social media activity promoting Dogecoin, with engagement rising more than 16,000 percent following his remarks, according to data shared with DailyMail.com.
Musk, who decreed himself the Technoking of Tesla in a regulatory filing last month, has been heavily promoting Dogecoin with online jokes and memes since February, and has said that he welcomes a Securities and Exchange Commission investigation into his activities.
‘I hope they do! It would be awesome,’ tweeted Musk on February 25, responding to unconfirmed online rumors that the SEC planned to probe his frenzy of Dogecoin tweets.
Cryptocurrency is not regulated by the SEC, which oversees regulated securities such as stocks, but Musk has previously entered settlements with the agency that could put his tweets under heightened scrutiny.
A spokesman for the SEC declined to comment at the time when asked by DailyMail.com whether he could confirm plans to investigate Musk’s Dogecoin tweets.
Musk has been heavily promoting Dogecoin with online jokes and memes since February
Musk has previously drawn sanctions for the SEC for his material tweets about Tesla, where he is CEO and a major shareholder.
He settled with the SEC over the complaints, which were spurred by a tweet musing about taking the company private, and another sharing production projections.
Publicly traded companies are regulated in how they provide forward-looking statements, in order to ensure investors have equal access to news that can move share prices significantly.
As part of the settlement, Musk agreed to have any tweets about Tesla’s financials or outlook reviewed by compliance officers at the company before posting them.
Cryptocurrencies are not regulated in the same way, and Musk’s tweets about Dogecoin are unlikely to be a violation of any current law or regulation, regardless of whether he owns the cryptocurrency.
However, the Biden administration is being closely watched for signs of a new crackdown in crypto regulations.
Treasury Secretary Janet Yellen, who would take the lead in any new regulatory framework, has expressed skepticism about Bitcoin, saying it could be used for money laundering or financing terrorism.
Musk is due to host Saturday Night Live on May 8, alongside musical guest Miley Cyrus.