How do I buy Dogecoin? Popular cryptocurrency expected to spike after Elon Musk hosts ‘SNL’

Tech mogul Elon Musk is hosting “Saturday Night Live” on Saturday, May 8, and Dogecoin cryptocurrency traders will host watch parties for what could be a “market-moving event,” according to a report by Bloomberg.

Musk, who has branded himself as “The Dogefather” on Twitter, is a huge fan of Dogecoin and frequently tweets about it, which consistently spikes the price. New Jersey-based trader Ramy Bekhiet said it wouldn’t be a surprise if Dogecoin’s price soars up to 90 cents over Musk’s “SNL” appearance, Bloomberg reported.

The cryptocurrency was originally created as a parody, and its most recent spike within the past week was 95.76%, according to real-time data tracked by CoinMarketCap (Market capitalization is constantly changing). One Dogecoin is currently worth $0.63, compared to $0.50 just last month.

How to buy Dogecoin

You can purchase Dogecoin from places like Binance and Kraken.

Coinbase — among the most popular places to trade cryptocurrency — does not support Dogecoin, but you can add it to you cryptocurrency wishlist. If you sign up for Coinbase, you receive $5 worth of Bitcoin for free upon verification of ID.

Dogecoin was created in 2013 by Adobe employee Jackson Palmer and software engineer Billy Markus, according to a report by CoinDesk. It’s a play on the popular internet meme of a Japanese Shiba Inu branded as “doge.” Its non-serious vibe caused it to become a hit and attract a huge following.

What is cryptocurrency?

Cryptocurrency is a digital asset designed to be used over the internet, according to Coinbase. It’s decentralized, meaning it isn’t controlled by the government or any other central authority such as a bank.

If you want to educate yourself more on cryptocurrency and how it works, you can always enroll in an online course, too. Courses are offered at online platforms Coursera, LinkedIn Learning and Udemy.

If you’re interested in investing in other cryptocurrencies such as Bitcoin, Ethereum, Tether and Litecoin, here are some options to get you started:

• Bitcoin IRA
• Coinbase
• eToro
• Gemini
• Robinhood