Popular dog-themed coin Dogecoin surged Monday as Tesla CEO Elon Musk reminisced about his "Dogefather" appearance on the sketch comedy show "Saturday Night Live" more than three years ago.
What happened: DOGE popped more than 6% in the last 24 hours of trading to hit levels not seen in nearly two weeks. The coin's trading volume soared 52% to $659 million, making it the most traded meme-inspired cryptocurrency in the last 24 hours.
The rally coincided with Musk’s entertaining chats on the All-In Podcast, where he described how he went impromptu during his “Dogefather” skit.
"There's a bunch of things I said that were just not there in the script," the tech magnate recollected. "I went off the rails."
Musk also stated that he wants to recreate a sequence from the Academy Award-winning film “Godfather,” accompanied by the film’s renowned music theme.
For the uninitiated, Musk played the role of cryptocurrency expert Lloyd Ostertag who explained what Dogecoin was. Notably, the meme coin hit an all-time high of $0.7375 prior to the episode's airing on May 8, 2021.
The world’s largest memecoin’s rally was also bolstered by a humorous post by Musk earlier in the day, where he assured that DOGE would be the official mascot of the “Department of Government Efficiency,” a nod to Musk's rumored role in a Donald Trump administration.
| Cryptocurrency | Gains +/- | Price (Recorded at 11:55 p.m. EDT) |
| Popcat (POPCAT) | +16.11% | $0.6148 |
| dogwifhat WIF/USD | +8.30% | $1.66 |
| Dogecoin DOGE/USD | +6.39% | $0.1029 |
Meanwhile, cat-themed memecoin, Popcat continued its impressive show, exploding 16% in the last 24 hours. The Solana SOL/USD-based token turned out to be the market's biggest gainer during the day. Dog-inspired token dogwifhat was the second-best performing memecoin during the day, with gains topping 8%.
The memecoin spike came amid the broader cryptocurrency market recovery, as Bitcoin BTC/USD and Ethereum ETH/USD posted significant gains during the day.
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