Elon Musk gives Dogecoin another boost amid new ‘strong interest’ in altcoins

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 April 28, Musk described himself as “The Dogefather” as he prepared to host the hit US television show on May 8.

Musk is known for his PR stunts when it comes to Dogecoin, with social media posts often leading to price hikes – something that has also benefited Bitcoin (BTC).

A familiar scenario for Dogecoin fans, Musk’s latest round of publicity immediately sparked a rebound in DOGE / USD, which had risen 20% in hours at the time of writing.

Bitcoin’s previous price dip had made the altcoin sector more expensive, with DOGE falling well below its recent all-time high of $ 0.47.

That spike was also caused in part by Musk, who had promised to “put a literal Dogecoin on the literal moon” through the latest rocket launch from one of his companies, SpaceX.

Last week, an impromptu “holiday,” dubbed “Dogecoin Day,” saw an attempt to bring the DOGE price to a stratospheric $ 4.20 in time for launch, a move that ultimately fell far short of expectations.

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

Analyst sees broad altcoin strength

The latest tweet nonetheless immediately placed DOGE in the top three of daily movers with a 20% gain to $ 0.32, beating Ether (ETH), which itself had just posted new record highs.

Bitcoin continued to vary, but failed to garner $ 55,000 support in a boon for those expecting a continuation of “alt season 2.0”.

“This recent recovery of the Altcoin Market Cap is much sharper than the recovery after returning in February,” according to popular Twitter account Rekt Capital. noticed on Tuesday, comparing different retracements in 2021.

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

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

Unfounded rumors Facebook’s announcement of a BTC allotment in its quarterly earnings later in the day positively counterbalanced the vote.