The price of DOGE has surged above $0.54 (£0.39) today – with a huge 39 percent growth in the last 24 hours to push it to its all-time high. It followed news that popular online trading platform eToro will offer the cryptocurrency to its customers, which helped push Dogecoin’s market cap back above $70billion (£50.3billion). It comes as Mr Musk, who has been dubbed the “Dogefather” for his role in promoting the meme cryptocurrency, is preparing to host Saturday Night Live this weekend.
He took to Twitter to ask his followers for ”skit ideas” for the popular American comedy show and Dogecoin’s fans wasted no time requesting further exposure of the token to push the price up.
Previous mentions by Mr Musk have been followed by price spikes, and Prof Alexander, from the University of Sussex Business School, believes he gets “a kick” from it.
She said: “It is difficult to know what Musk is up to with his Dogecoin tweets.
“I suspect he’s having a joke with his friends, flexing his power muscles.Insurance Loans Mortgage Attorney Credit Lawyer
Elon Musk was sent a Bitcoin warning (Image: GETTY)
The price of Dogecoin has surged recently (Image: GETTY)
“He appears to get a kick about the control he has over financial markets.
“He is, of course, entitled to do this, I don't see it as irresponsible because Dogecoin is still such small fry.”
But the academic warned Mr Musk that “if he tried to do the same with Bitcoin, the larger investor community would not tolerate it”.
She also believes he is backing the wrong horse.
Prof Alexander added: “Musk is wrong to think that Dogecoin is the currency of the Internet. It cannot be that in any real sense.
READ MORE: Elon Musk challenged on ‘absurd’ Bitcoin impact: ‘Dread to think what children will say’
Mr Musk is set for an appearance on Saturday Night Live (Image: GETTY)
“Ethereum and other platform coins like Dot, Iota and Cardano are the currency of the Internet.Insurance Loans Mortgage Attorney Credit Lawyer
“Just as the US dollar is the unit of trade in traditional markets,