The infamous meme-based cryptocurrency dogecoin is on the move again just before the upcoming Saturday Night Live episode featuring Elon Musk. While dogecoin is up 81% today a lot of cryptocurrency veterans have been warning newbies about the digital currency that was meant to be a joke. Meanwhile, others believe that dogecoin has a lot of potential, and could be a long-standing competitor in the world of crypto assets.
Dogecoin Markets See a Pre-SNL Rise
The cryptocurrency that literally began as a joke, dogecoin (DOGE) is nearing a $100 billion market capitalization on Saturday. DOGE is a crypto asset that was developed and launched in December 2013 by software engineers Billy Markus and Jackson Palmer. The dogecoin logo features the face of the Shiba Inu dog and the logo is popular due to the original Doge meme that went viral on the internet. Currently, the crypto asset is on a tear up 81% during the last seven days and a whopping 1,073% during the last month.
This has drawn a lot of attention and not only that, but Tesla’s Elon Musk has been tweeting about the Shiba Inu meme coin for quite some time now. Musk called dogecoin his “favorite” crypto once and some people assume he may mention DOGE on the upcoming Saturday Night Live show airing on May 8.
A few other celebrities have also been saying good things about dogecoin on Twitter including Gene Simmons, Snoop Dogg, and Mark Cuban. But not everyone is so nice to the Shiba Inu meme-based crypto asset as veterans have warned people about the asset’s risks.
One issue with DOGE is the fact that there are billions of units in circulation and as of today, the supply is around 129,517,138,098 DOGE. Dogecoin can also still be mined with ASIC mining rigs. Furthermore, unlike crypto assets like bitcoin with a hard supply cap of 21 million, the Dogecoin network is inflationary as Jackson Palmer decided to remove the protocols cap…