• Ethereum Classic price adds 200%
• Elon Musk appearance on Saturday Night Live as the DogeFather
• DOGE rallies to $0.70

Trending News: Elon Musk as the DogeFather, ETC 200% Surge, DOGE adds 262 Year-to-date

Elon Musk is the world’s richest. He’s not shied from making comments about crypto. Even Tesla now holds Bitcoin in its balance sheet.

A few weeks after investing $1.5 billion in BTC, the world’s most valuable automaker said it would begin accepting BTC as payment.

Elon Musk is the DogeFather, DOGE nears $1

That’s one side.

The other side of Elon is that he likes jokes.

He claims to be the head of Dogecoin. The meme coin and one of the oldest in the world.

His association alone has seen the coin motored 262X year-to-date.

At around $0.65 as of May 8, DOGE is lodged on 4th.

The surge of the last few hours is associated with Musk’s appearance at Saturday Night Live as the DogeFather.

Tonight, #SNL is BACK with host @elonmusk and musical guest @MileyCyrus. 👏 pic.twitter.com/YhbHahuIyn

— NBC Entertainment (@nbc) May 8, 2021

The result? An 80 percent week-to-date surge and confidence of the coin reaching $1—even $3 by the end of next week.

The show with Elon Musk is the most obvious ‘buy the rumor, sell the news’ event that I’ve seen recently.

I’m expecting a huge dump, but with Elon you never know.

Should you enter #Dogecoin now? No.

In the end, I expect that most of you will lose money on #Doge.

— Michaël van de Poppe (@CryptoMichNL) May 8, 2021

Ethereum motors, the path to $5k?

Ethereum meanwhile has its “DOGE” moment.

#Ethereum at $3,800 is a good day.

Matter of time until #Litecoin follows.

— Michaël van de Poppe (@CryptoMichNL) May 8, 2021

Admittedly, solid fundamentals are propping the digital asset.

There is an element of undervaluation. Still, the influx of institutional-grade investors could be the real drivers of the pioneer smart contracting coin.

The application of VanEck for an Ethereum ETF on top of Ethereum Futures by CME points to a maturing coin—and ecosystem. If an ETF is approved—it might take several months—if not years, then ETH would spiral upwards to $5k if not $10k.

#Ethereum now has the same price that Bitcoin had 60 weeks ago.

— The Moon (@TheMoonCarl) May 8, 2021

Presently, the preparation for London, migration to Layer-2, and Eth2 transition for a feeless Ethereum transaction are quite literally pumping prices and determined bulls.

Uniswap v3, Cardano Rise, and Ethereum Classic (ETC) Super-Surge

Even after v3 activation, Uniswap is struggling despite the surging activity.

.@Uniswap is now both #1 and #2 highest volume dex on Ethereum

🔥 v2 volume: $2b
🔥 v3 volume: $450m

👀 v3 volume / liquidity now at 85% making it the most capital efficient AMM by a *very* wide margin pic.twitter.com/p0h33j9bBS

— hayden.eth 🦄 (@haydenzadams) May 8, 2021

UNI/USDT prices are flat-lining around $40.

At the same time, Cardano is up 18 percent at the back of smart contracting and DeFi confidence.

Smart contracts on #Cardano are still ahead of us. pic.twitter.com/6UaABIpU7Z

— ISO🍨 Cardanians.io 🥩 stake with CRDNS 🏊 (@Cardanians_io) May 6, 2021

However, the real surprise in the last week is Ethereum Classic (ETC) superb performance.

Even I am a little baffled to see Ethereum Classic at $110 already. pic.twitter.com/gQ0HI1bKCF

— Blockchain Backer (@BCBacker) May 5, 2021

The coin is up a massive 207 percent.

Ethereum Classic Price Analysis

ETC is up over 200 percent week to date, trading at $125—and new 2021 highs.

Fundamentally, the eventual outflow of miners to the ETC network—Ethereum’s cousin with Proof-of-Work—supports ETC bulls.

Technically, the surge is getting started.

The bullish breakout pattern above the Q1 2021 trade range in early Feb 2021 and the subsequent confirmation indicates buyers.

Notably, ETC rise is with increasing buy pressure as candlestick arrangement in the weekly chart reveal. Accordingly, aggressive traders—who mostly noticed this surge this week—can buy the dips and aim for this week’s highs of around $175.

Potential loading zones lie between $90 and $110—the 61.8 and 50 percent Fibonacci retracement level of this week’s trade range.

Losses below $90 may signal a deeper correction of the overvaluation.

Chart courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

Dalmas Ngetich

Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.