The valuation of so-called memecoin Dogecoin has surged to nearly $90 billion with investors expecting Elon Musk to discuss the cryptocurrency over the weekend, according to Bloomberg.
- The latest binge brought Dogecoin up 118% from the previous week to bring its value to $87 billion on Wednesday from just $315 million the previous year.
- Buying of Dogecoin surged on Tuesday, momentarily crashing the trading application of financial services firm Robinhood.
- The market expects crypto investor Elon Musk to talk up Dogecoin as he hosts the comedy show Saturday Night Live.
- Other factors that may have driven Dogecoin’s gains include the climb on April 20, and celebrities jumping in on the bandwagon.
- Galaxy Digital Holdings Founder Mike Novogratz said there is something “pure” in Dogecoin’s rise, but he flagged that there are no developers and institutions coming in.
- FTC crypto exchange Chief Executive Officer Sam Bankman-Fried said “something is just real” as Dogecoin should not be worth $90 billion if it is stupid and valueless.
- Dogecoin was last trading at $0.652003 at 2:24 p.m. GMT.