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Elon Musk’s upcoming SNL appearance is fueling dogecoin’s rise, says analyst – CNBC

Elon Musk’s upcoming SNL appearance is fueling dogecoin’s latest record run higher, according to Edward Moya, senior market analyst at Oanda.

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Dogecoin is on another frenzied run higher, this time briefly helping to break Robinhood’s trading app in the process, and one analyst credits Elon Musk’s upcoming “Saturday Night Live” appearance on May 8 for the latest spike.
The meme-inspired token is up nearly 30% on Tuesday and more than 11,000% this year.
Dogecoin’s rally first began in February, thanks to a series oftweets from Musk, CEO of Tesla and SpaceX, and one analyst suggests that he’s also responsible for the current move.
“Dogecoin…

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