#DogecoinToTheMoon is currently one of the top hashtags trending on Twitter, as the price for the cryptocurrency, Doge, has surged past $0.40.

READ ALSO: Dogecoin surpasses $0.40 as Elon Musk’s SNL appearance brings hope for new high

According to Twitter’s metrics, there have been 23,400 tweets about #DogecoinToTheMoon, which has made it one of the top trending subjects of the day.

This popular hashtag has been shared on the same day that Dogecoin’s price continues to rise to its record high range.

At the same time, Dogecoin’s price surge also coincides with Tesla CEO Elon Musk’s upcoming appearance on Saturday Night Live (SNL), which is scheduled to take place on May 8th.

What’s Behind This Latest Surge?

There has been a lot of hype around billionaire investor Elon Musk’s upcoming appearance on Saturday Night Live (SNL), which is expected to air this Saturday, May 8th.

Musk, who has been a major supporter and promoter of Dogecoin, has often sparked big price surges by just tweeting about Doge to his 50 million followers on Twitter.

With Musk’s upcoming appearance on one of the largest TV shows in the United States, many Dogecoin holders are hoping the Tesla CEO mentions the cryptocurrency.

By doing so, it would spark a new price surge and possibly drive Dogecoin to a record high.

READ ALSO: Dogecoin price skyrockets after Elon Musk’s ‘dogefather’ tweet

Can Doge break $1?

Musk’s appearance on SNL will no doubt be followed closely by many Doge holders and even a single reference to the cryptocurrency is bound to increase the price substantially.

But for Dogecoin to hit $1.00, it is going to take a lot of investment and it’s not likely going to happen overnight.

Dogecoin’s market cap is currently $46 billion; this figure is large enough to make Doge one of the biggest cryptocurrencies in the world.

However, it will take a number of other factors and more than another $46 billion to double the price of Dogecoin.

 

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