Could Elon Musk’s SNL Hosting Tank Dogecoin Cost With Profit-Booking?

Speculation is rife as to whether Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk’s “Saturday Night Live” episode will feature Dogecoin (DOGE) or not, and the price of the cryptocurrency prank hits a new all-time high every day.

What happened: Musk will host the variety show on Saturday, even as DOGE is already on his way to the moon. The cryptocurrency hit a new all-time high of $0.6953 in the early hours of Wednesday.

Last week, Musk tweeted “The Dogefather” which placed the cryptocurrency meme on its final journey to the top.

Since the April 28 tweet, the cryptocurrency has climbed 144.44% and year-to-date the gain has been 13,955.42%.

See also: BItcoin versus Dogecoin

At press time, DOGE was trading up 51.21% at $0.66 over a 24-hour period and jumped 151.16% on a seven-day basis, becoming the fourth largest crypto -currency by market cap.

DOGE’s fantastic surge raises the question of whether investors will resort to taking profits around Musk’s appearance on Saturday Night Live, given the epic run.

Why is this important: DOGE’s current market cap of $89.7 billion already exceeds that of Snapchat’s parent company Snap inc. (NYSE:SNAP), General Motors Company (NYSE: GM), Ford Motor Company (NYSE: F), Roku, Inc. (NASDAQ: ROKU), and DoorDash, Inc. (NYSE: dash).

Meanwhile, apex cryptocurrency Bitcoin (BTC) had a market cap of $1.02 trillion at press time. BTC traded down 1.84% at $54,871.20.

Musk promised he’ll “definitely” say something about DOGE’s portmanteau of “Dogefather,” and classic movie “The Godfather,” during the SNL episode.

Although the contents of the show and skits are uncertain, Musk hasn’t always been able to push DOGE’s price tag up.

Dogecoin is hovering in overbought territory with a Relative Strength Index (RSI) of 81.58, according to data from Coinalyze.

The RSI, a momentum oscillator, measures the speed and change of price movements. It is scaled between 0 and 100. An RSI above 70 is generally classified as overbought and below 30 as oversold. A mention could cause an immediate bump, as discussed earlier, but the absence of such an event could also result in an immediate profit booking.

However, there has been a significant transfer of DOGE from older to newer hands, according to a report by Alex Thorn of Galaxy Digital Research.

See also: How to Buy Dogecoin (DOGE)

This change in ownership could also protect DOGE against profit taking, as the new generation of investors may be inclined to hold.

Read more : Dogecoin co-creator sold all his coins just enough to afford a used Honda Civic in 2015 – DOGE is now bigger than Honda

Photo by Steve Jurvetson on Flickr