Elon Musk strengthens Dogecoin again in light of the new “strong interest” in Altcoins

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Dogecoin (DOGE), the meme-based cryptocurrency that is a favorite of Elon Musk, has a new date for its price diary – Musk’s appearance on Saturday Night Live.

In a tweet on Wednesday, Musk described himself as “The Dogefather” as he prepares to host the popular American television show on May 8th.

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Musk is known for his PR stunts related to Dogecoin, with social media posts often triggering price hikes – which has also benefited Bitcoin (BTC).

As a well-known scenario for Dogecoin fans, Musk’s recent round of publicity immediately resulted in a rebound in DOGE / USD, which was up 20% in hours at the time of writing.

The previous drop in Bitcoin prices had cost the altcoin sector dearly, and DOGE bottomed well below its recent record high of $ 0.47.

This climax was partly caused by Musk, who had promised to “put a literal Dogecoin on the literal moon” through the recent rocket launch of one of his companies, SpaceX.

Last week there was an impromptu “holiday” called “Dogecoin Day”, which tried to raise the DOGE price to a stratospheric USD 4.20 in time for the start, which ultimately fell far short of expectations.

DOGE / USD 1-day candle chart (Bittrex). Source: TradingView

Analyst sees broad altcoin strength

However, the latest tweet immediately placed DOGE in the top 3 daily movers with a plus of 20% to $ 0.32 and beat Ether (ETH), which had just posted new all-time highs itself.

Meanwhile, Bitcoin was able to further expand its reach and failed to cement the support of $ 55,000 as a boon to those who expect a continuation of the “old season 2.0”.

“This recent rebound in altcoin market capitalization is much sharper than the rebound after the fallback in February,” commented popular Twitter account Rekt Capital on Tuesday, comparing various retraces in 2021.

“Even the actual -17% retracement in April itself is flatter than that in February. These are all signs of a strong interest in altcoins in general. “

Altcoin market capitalization movements graph. Source: Rekt Capital / Twitter

Unsubstantiated rumors that Facebook would announce a BTC allocation in its quarterly earnings due later in the day provided a bullish counterpoint to sentiment.