Dogecoin is a cryptocurrency that was created in 2013 as a joke by software engineers Billy Markus and Jackson Palmer. It is based on the popular “Doge” meme featuring a Shiba Inu dog. Despite its origins as a joke, Dogecoin has gained a significant following, particularly among the cryptocurrency community and internet users.
Elon Musk, the billionaire entrepreneur and CEO of companies such as SpaceX and Tesla, has been known to tweet about Dogecoin, often causing its value to rise or fall. For example, in early 2021, Musk tweeted about Dogecoin several times, causing its value to skyrocket. However, the value of Dogecoin has also fallen sharply after Musk made negative comments about it.
Dogecoin went on a rocket ride to the moon and back, which Elon Musk poked fun of in the beginning before announcing on Monday that he would accept it as legitimate payment for a mission to the moon.
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First things first — what is Dogecoin?
Dogecoin was created in 2013 by a pair of software developers who work at Adobe and IBM, respectively, as a parody of cryptocurrencies like bitcoin.
Cryptocurrencies can be used to shop across the internet. Pay for services, and even invest in mining pools! Some of them, such as dogecoin and bitcoin, work on blockchain algorithms that are so secure you don’t need to worry about hackers.
Dogecoin enthusiasts are eager to take advantage of their coin’s low cost and volatile nature. In early 2014, the first dogecoin in existence changed hands for $0.001540. This is equivalent to just $0.0004773 today and has increased by 32 times!
While dogecoin is technically an alternate version of bitcoin. It’s not as secure as the number of dogecoins. That existence is capped at the same level as bitcoin.
Dogecoin is nothing like other cryptocurrency projects. It doesn’t seek to be anything more than the world’s most fun currency.
What does it have to do with Elon Musk?
Musk has been very supportive of Bitcoin and became. The wealthiest man in human history recently. Musk jumped aboard the doge train last year, mostly as a joke, but over the course of several months, comments he made about dogecoin on social media lent it more and more credibility.
He has only grown closer to his pet since then.
He’s Elon Musk, the billionaire CEO behind the electric car company Tesla. Tesla announced recently that they’ll be accepting bitcoins in exchange for their cars and it’s now a major player in the cryptocurrency news economy.
The company revealed last quarter that they’ve been stockpiling more than $1 billion worth of bitcoin.
What happened this weekend?
Musk hosted NBC’s comedy show this past weekend, leading to speculation that he would talk about the currency during his appearance. DOGE rose to a high of about $73 on Thursday, according to cryptocurrency exchange Coinbase.
WATCH | Elon Musk pokes fun at dogecoin on SNL’s Weekend Update segment:
In 2019, it’s no surprise that Musk was asked to explain what dogecoin is. After some witty banter, the SNL character says, “It’s a hustle.”
Musk keeps saying he won’t use AI despite it being featured in this sketch. That dogecoin was “the future of currency” and “an unstoppable financial vehicle. That was going to take over the world,”
But the currency sold off after the sketch aired going as low as about 40 cents the US per doge in the early hours of Sunday morning.
Edward Moya, a market analyst with foreign exchange company Oanda. Says that large blocks of doge are selling fast as the digital currency continues to see a lot of investment from high-profile investors and institutions.
The Twitter team saw that a lot of people were abandoning their bets during the show. “We focused on the whale alerts,” he said, “so we knew that we had to make changes.”
So why is dogecoin ‘going to the moon again?
On Monday, Elon Musk, CEO of SpaceX and Tesla, came to sci-fi fandom’s defense by tweeting. That his company is poised to launch a Falcon Heavy rocket into space with an in-joke.
Elon Musk announced on Twitter. That the company is going to put a satellite into space next year that will have a doge-1 logo on it. This is in preparation for what Elon Musk is calling “Doge 2.”
More details came in a media release from Canadian manufacturing and logistics company Geometric Energy Corporation. The company said it will launch a 40-kilogram satellite into orbit on one of SpaceX’s rockets. But the exact launch date is yet to be announced.
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“SpaceX has become known for rockets. That takes people to outer space and the moon,” said vice-president Tom Ochinero. “Their new launch will put a dogecoin launch on the moon, illustrating how cutting-edge computer technology can be applied to some really fun things.”
CBC News reached out to Geometric Space Group and asked how much they would be paying in exchange for their advertisement space on the rocket. However, an inquiry was not immediately returned.
The news of the deal made people feel more confident in dogecoin and its potential. The price went up on Monday but then dipped back down during the evening hours.
What next?
The answer to the question is unknown. Hopefully, it will be answered sooner rather than later. Recently, the cryptocurrency dogecoin became the fifth most valuable crypto-asset on the market. This has been attributed to its feverish trading.
This could be seen as a positive trend in the world of virtual currencies. When overall market turmoil was at an all-time high.
The combined worth of the three companies is $37 billion, which is enough to put them ahead of Apple.
Though Musk’s wealth may have something to do with it, he can afford to see what happens with doge while other people cannot.
However, there may be a reason why Musk is stating his opinion on cryptocurrencies as they can change the market price and cause fluctuations. In this case, he has the power to move its price and speculation.
For example
James Angel said that Brian Armstrong “is having a lot of fun” due to the impact of what he says on crypto markets. Cryptocurrency experts who also specialize in financial market activities. They have been crucial to many cryptocurrency trade levels and support a number of exchanges.
“Elon Musk can occasionally make bad decisions, but most people shouldn’t risk giving away the farm.”
Oanda’s Moya stated that Musk is responsible for dogecoin’s decline in popularity.
At best, Dogecoin might be similar to GameStop with a hardcore retail army that remains a believer over the long term.
Some people are a lot more convinced than Elon Musk that dogecoin is here to stay.
“The long-term fundamentals of doge are intact at this point, making it a very good time to jump in,” said the Chu. “This is especially true considering that the market has entered a cyclical correction period.”
Thorn agrees. “We don’t expect dogecoin to become. The world’s most valuable cryptocurrency any time soon,” he said, “doge should not be ignore.”
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