All the eyes would be on altcoin dogecoin as Elon Musk is all set to host Saturday Night Live, an American late-night variety show. After the news broke, dogecoin’s value soared as high as 25% to reach its all-time high. The news is remarkable as Elon Musk joins the rare group of people who will be hosting a show that’s usually hosted by the best comedians across US.

Also read: Elon Musk backed Dogecoin reaches all-time high; 1900% surge since beginning of 2021

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Business mogul and crypto enthusiast Elon Musk recently took to Twitter to announce that he would be hosting SNL or Saturday Night Live. The move again fueled the ongoing rally of dogecoin. Elon Musk has been constantly given credit for moving the price of the cryptocurrency higher and higher through his funny and bizarre tweets in which he’s advocating dogecoin in some or the other way.

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As Musk prepares his material which he would be using on SNL, dogecoin traders across the world are reported to be planning watch parties for Elon’s appearance. The owner of Tesla and SpaceX has been responsible for single handedly moving the cryptocurrency’s price and thus, it makes sense for crypto traders to be keen on watching what Musk says and does.

Also read: “Bought some dogecoin for lil X”: Tesla CEO announces he has bought Dogecoin for son

According to a Bloomberg report, traders would also be enjoying the evening with taco bars, and will be taking a shot every time a person on the show says “doge”.

Elon Musk himself confirmed that he would be hosting SNL on Friday. He tweeted a picture of himself and pop-star Miley Cyrus and Kid Laroi. The most interesting part of this image was that dogecoin’s mascot, a Shiba Inu, was also featured in it.

After the news broke, dogecoin shot as high as 72 cents and reached its all-time high.

Soon, SNL too from its official Twitter handle posted a preview of the show. In the preview, Musk can be seen wearing a bandana around his mouth as a mask and saying, “I’m a wildcard, so there’s no telling what I might do.”

On Thursday, Musk had taken to Twitter again and wrote, “Cryptocurrency is promising, but please invest with caution!” with a video clip attached in which he said, “it should be considered speculation at this point. And so, you know, don’t go too far in the crypto speculation.”

Meanwhile, according to CoinGecko, a crypto tracker, the altcoin that started as a joke when it was brought into existence, is currently the fourth-largest digital currency in the world. On Friday, the currency was soaring as high as $0.62 and was up 14%.

The currency’s price this year has soared to a mind-boggling 12,000% this year and about a flabbergasting 30,000% since July 2020. One of the main reasons why dogecoin is being traded at such a high rate is because it costs a few cents and thus it’s even more approachable. Moreover, with endorsements from tech mogul like Elon Musk and celebrities like Snoop Dog, the masses on the Twitter have also been buying the coin without any caution.

Due to all these factors, the current market cap of dogecoin is about $88 billion. The market cap of $88 million is not as astounding as the fact that it went up to that number from $35 billion last week.

With all these developments, followers of Elon Musk and cryptocurrency enthusiasts have joined forces on Twitter and have made sure that hashtags such as #DogeCointo1Dollar and #dogecoin continue to rule the Twitter trends.

Here are the best Twitter reactions on the recent rise of dogecoin