Dogecoin (DOGE), the meme-based cryptocurrency that may be a pet favourite of Elon Musk, has a brand new date for its worth diary — Musk’s look on Saturday Night time Dwell.

In a tweet on Wednesday, Musk described himself as “The Dogefather” as he prepares to host the favored American tv present on Could 8.

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Musk is well known for his PR stunts on the subject of Dogecoin, with social media posts usually sparking worth positive factors — one thing which has additionally benefited Bitcoin (BTC).

A well-recognized situation for Dogecoin followers, Musk’s newest spherical of publicity instantly fuelled a rebound in DOGE/USD, which was up 20% in hours on the time of writing.

Bitcoin’s earlier worth dip had price the altcoin sector dearly, with DOGE bottoming far beneath its latest document excessive of $0.47.

That peak had additionally been brought about partially by Musk, who had promised to “put a literal Dogecoin on the literal moon” through the most recent rocket launch of certainly one of his corporations, SpaceX.

Final week noticed an improvised “vacation,” dubbed “Dogecoin Day,” try and run up the DOGE worth to a stratospheric $4.20 in time for the launch, a transfer which finally fell far short of expectations.

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

Analyst eyes broad altcoin energy

The most recent tweet nonetheless immediately positioned DOGE within the prime three every day movers with 20% positive factors to $0.32, beating Ether (ETH), which had itself just posted new all-time highs.

Bitcoin continued to vary, in the meantime, failing to cement $55,000 assist in a boon for these anticipating a continuation of “alt season 2.0.”

“This latest restoration in Altcoin Market Cap is far sharper than the post-retrace restoration in February,” common Twitter account Rekt Capital commented on Tuesday, evaluating totally different retracements in 2021.

“Even the precise -17% April retrace itself is shallower than the one again in February. These are all indicators that time to a robust curiosity in the direction of Altcoins usually.”

Altcoin market cap actions chart. Supply: Rekt Capital/ Twitter

Unsubstantiated rumors that Fb would announce a BTC allocation in its quarterly earnings due in a while the day offered some bullish counterpoint to the temper.