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Ethereum Gets the Last Laugh

While the giggles were with Elon Musk's dogecoin jokes, Ethereum is close to $4,000.
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While everyone is laughing over the gimmicky dogecoin rise and fall over the weekend thanks to a skit by Tesla  (TSLA) - Get Tesla Inc. Report honcho Elon Musk, another cryptocurrency, Ethereum, is likely getting the last laugh. 

Ethereum has continued its rise, reaching nearly $4,000 by Sunday afternoon. By around 1 p.m. ET, Ethereum punched up to $3,956.50, a more than 34% rise over the past seven days, according to CoinGecko -- and a 3.6% rise in the past 24 hours.

A week ago Sunday, the No. 2 cryptocurrency was struggling to cross over the $3,000 line. 

Bitcoin, meanwhile, was holding steady at $57,608.01, seeing only a slight decline after April's fall, when it tumbled below $48,000 for a time. 

But the digital coin that reportedly started as a joke -- dogecoin -- is what got all the attention over the weekend, after Musk hosted "Saturday Night Live" and appeared as a bespectacled financial expert named Lloyd Ostertag -- or the "Dogefather."

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When asked repeatedly of what is dogecoin, Ostertag gave an overview of the crypto, saying it's “the future of currency. It’s an unstoppable financial currency that’s going to take over the world."

But finally the punchline came when Musk's character agreed, jokingly, to call it a "hustle."

That reportedly sent the coin falling by around 40%, but it climbed later and on Sunday afternoon was up to nearly 53 cents, down around 16% over 24 hours, but still up 33.6% over the past seven days, according to CoinGecko. Dogecoin has a market cap or nearly $66 billion and a 24-hour trading volume of about $44 billion.

"The rise and fall of Dogecoin’s price due to Elon Musk’s SNL appearance was not a surprise," Bobby Ong, COO of CoinGecko told TheStreet. "Many traders follow the strategy of buying the rumor and selling the news. This means that they will often buy based on a rumor or an upcoming event. Once the event takes place, many traders tend to cash out and reap the profits of their investment, causing the price to drop sharply." 

This story has been updated; a quote by Bobby Ong was added.