Dogecoin Investors Hope Cryptomaniac Elon Musk Will Make Them Rich on ‘SNL’

Meanwhile the Tesla billionaire is warning people to proceed with caution

While some Saturday Night Live cast members and fans alike fear Tesla and SpaceX boss Elon Musk may prove to be the show’s worst host since Paris Hilton when he takes on emcee duties tomorrow night, investors in Dogecoin will be watching to see if Musk’s appearance further fires up the cryptocurrency’s uncanny rise in value

As Fortune reports, the controversial billionaire has not only been teasing his upcoming debut with tweets like, “Let’s find out how live Saturday Night Live really is,” he’s also all but promised to namedrop the grinning Shibu Inu meme-inspired sort-of-money on air. The self-Christened “Dogefather” has been shilling for Dogecoin for years, and it’s enjoyed a pandemic-fueled hot streak in 2021, gaining 13,500 percent to about $0.60 per coin since January.

Bullish speculators now believe Musk may be hinting at even greater riches. On April 27 Musk tweeted, “The Dogefather SNL May 8,” and when one user requested a skit featuring “Summin about The DOGEFATHER,” Musk replied, “Definitely.”

Of course, anything can happen when Musk shows his face in public—you know, like smoking weed with Joe Rogan—but true believers on Reddit and elsewhere are urging one another to stand firm as they pray their investment keeps heading toward the Holy Grail of $1.

“DOGE might dip because of the SNL hype,” deduced one financial player. “If this happens, do not panic sell like I did. Just HOLD and have faith that it will rise again as it has multiple times in the past.”

Savvy marketeers will recall that Musk’s Twitter antics have gotten him in trouble before. In 2018, he was forced to resign as chairman of Tesla and fined $20 million for tweeting fake news about the company’s funding. Perhaps with that fiasco in mind, he’s being more prudent this time.

“Cryptocurrency is promising,” he advised Friday, “but please invest with caution!”

RELATED: Can an NFT from Warren Buffett’s Granddaughter Save the Dolphins?

Stay up to date with everything you need to know about L.A. by following us on Facebook and Instagram.