Dogecoin rises by 23%, $3 billion added to its market cap

Dogecoin’s value has surged by over 23 percent in the last 24 hours, thanks to another promotional and supportive tweet by the CEO of Tesla, Elon Musk.

The meme coin, in recent times, has enjoyed a rise in its value largely due to the promotional tweets and memes being posted by the billionaire and leading American billionaire investor, Mark Cuban.

In Musk’s recent tweet, he called himself “The Dogefather” while hinting that he could be talking about the asset during his upcoming “Saturday Night Live” episode.

Monitoring the coin’s price movement, available data shows a rise in the price of Doge after Musk tweeted about Dogecoin. The data indicates before and after tweet prices of $0.2592 and $0.3192, respectively.

A Twitter user, Mira Christanto, wrote on the effect of Musk’s tweet on the coin price. According to her, “the Tesla CEO, who seems to be Dogecoin’s biggest fan, is referring in his tweet to his upcoming (May 8) appearance as the guest host of American late-night live television sketch comedy and variety show Saturday Night Live (SNL).” Christanto went on to add that the tweet added $3 billion to the market cap of the meme coin.

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