ELON Musk named himself the “Dogefather” before his appearance on Saturday Night Live, in a tweet that immediately sent the cryptocurrency soaring.

He labelled “joke” cryptocurrency Dogecoin the “people’s currency” and suggested he had bought an undisclosed amount for his son, X Æ A-12.

He also threatened to buy out so-called “crypto whales” hoarding large stockpiles of Dogecoin and turn the fledgling form of cash into mainstream currency.

“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo,” he tweeted.

“I will literally pay actual $ if they just void their accounts.”

Ethereum’s and Dogecoin’ price is continuing to rise at a faster rate than Bitcoin.

On Sunday, a new record was broken as Ethereum reached $2,953 – up nearly 1,500 per cent since this time last year. One analyst claimed this week that “a ride to $5,000 is imminent”.

This means…

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