Rapper Meek Mill has jumped on the Dogecoin train by buying up USD $50,000 worth of the meme-themed cryptocurrency.
Meek Mill took to Twitter to reveal his purchase, writing: “I just grabbed some Dogecoin I’m tired of missing out.”
As reported by Complex, the price of Dogecoin has increased a whopping 11,000 per cent since the beginning of the year, in part due to Elon Musk’s co-sign.
Musk recently indicated that he would reference the crypto during his upcoming hosting gig on Saturday Night Live.
“Throwing out some skit ideas for SNL. What should I do?” he tweeted, to which a fan replied: “Summin about The DOGEFATHER.”
In response, Musk simply wrote “definitely”.
In an article for Market Pulse, OANDA senior market analyst Ed Moya wrote that Dogecoin is surging due to traders not wanting to “miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live.”
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“Also known as the Dogefather, Musk will undoubtedly have a sketch on cryptocurrencies that will probably go viral for days and further motivate his army of followers to try to send Dogecoin to the moon,” he said.
“The Dogecoin bubble should have popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher.”
All in all, it’s certainly not bad for a cryptocurrency that reportedly began as a joking response to the crypto craze in 2013. For those not in the know, the “memecoin” features the face of a cartoon Shiba Inu, A.K.A a ‘doge’.
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— My Mixtapez (@mymixtapez) May 4, 2021