Mr Musk has put out several rallying calls over the past few months which have led to a surge in the price of Dogecoin. The meme-based cryptocurrency is up almost 12,000 percent since January. With Mr Musk due to host SNL on May 8, many experts are anticipating another boost in the price of Dogecoin.

David Kimberley, analyst at Freetrade, said: “The latest surge in Dogecoin is a continuation of the greater fool theory trend we’ve seen playing out over the past couple of months.

“More people are aware of what’s going on and are looking to jump on the gravy train to make a quick buck.

“It’s very likely that Elon Musk pumping the coin tomorrow on prime-time US TV will only serve to compound things and push the price up.”

However, Mr Kimberly said there is every chance the coin could crash in the near future.

He has called on investors to hold their nerve.

Mr Kimberly continued: “But ultimately this remains a bit like a game of chicken.

“People will want to hold on for as long as possible before dumping what they have and cashing out.

“And you don’t want to be the one left asking ‘who left the Doge out?’ when that happens.”

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In fact, My Bookie has given a 40.8 percent chance of reaching $1 by May 10 on the back of Mr Musk’s performance.

Mr Musk has already revealed he is more than likely to produce a sketch based around Dogecoin on SNL.

Comedian David Spade wrote on Twitter: “I wonder if @elonmusk on #snl will be a 90 minute infomercial for Doge coin. (Buying it as we speak).”

To which the SpaceX boss posted a series of laughing emojis.