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Elon Musk strengthens Dogecoin again amid new ‘strong interest’ in altcoins

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Dogecoin (DOGE), the memes-based cryptocurrency that’s a pet favorite of Elon Musk, has a new date for its price log – Musk’s appearance on Saturday Night Live.

In one Tweeter On Wednesday, Musk described himself as “The Dogefather” as he prepares to host the popular American television show on May 8.

Musk is well known for his Dogecoin public relations stunts, with social media posts often causing price gains – which has also benefited Bitcoin (BTC).

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A scenario familiar to Dogecoin fans, Musk’s latest ad campaign immediately fueled a rebound in DOGE / USD, which was up 20% in hours at the time of writing.

Bitcoin’s previous price decline had cost the altcoin industry dearly, with DOGE sitting well below its recent all-time high of $ 0.47.

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

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Last week, an impromptu “vacation” dubbed “Dogecoin Day” attempted to push DOGE’s price up to stratospheric $ 4.20 in time for launch, a move that ultimately fell well short of expectations.

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

Analyst looks at the strength of altcoin

The latest tweet nonetheless instantly placed DOGE in the top three daily moves with gains of 20% to $ 0.32, beating Ether (ETH), which itself had just posted new all-time highs.

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Bitcoin continued to move forward, failing to consolidate support of $ 55,000, a boon for those expecting a continuation of ‘alt season 2.0’.

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“This recent recovery in Altcoin market capitalization is much sharper than the post-retrace recovery in February,” popular Twitter account Rekt Capital commented Tuesday, comparing different retracements in 2021.

“Even April’s actual -17% retracement itself is shallower than February’s. These are all signs that indicate a strong interest in Altcoins in general. “

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

Unfounded rumors The fact that Facebook would announce a BTC allocation in its quarterly results due later today provided a bullish counterpoint to the mood.