Elon Musk To Send Dogecoin Skyrocketing. Literally!2 min readReading Time: 2 minutes
Dogecoin, the hyped up, headline-grabbing, most volatile cryptocurrency, is going to the moon!
Elon Musk tweeted on May 10, 2021 that his commercial rocket company, SpaceX would be launching a satellite called DOGE-1 to the moon next year, completely funded by the cryptocurrency, Dogecoin.
Cryptocurrencies are said to be the future of money and Musk did hint of taking Doge to the moon on 1st April, but it was April Fool’s Day and Dogecoin is a meme currency, so who would’ve thought?
Fun fact: Dogecoin started out as a joke!
Absurd right? Well, the whole journey of Dogecoin has been nothing less than absurd. Let’s take a look.
Dogecoin was birthed in December 2013 by two engineers as a satirical homage to Bitcoin. The name Dogecoin was derived from the internet meme “Doge” featuring Shiba Inu, a Japanese dog, along with text that shows the dog’s imaginary thoughts.
It instantly exploded among Redditors and Dogecoin became the second most-tipped currency just a week after launch. It also amassed a million visitors on its website.
It rose by ~300% within a few days before falling flat on its face by ~80%.
The trading volume of Dogecoin briefly went over that of Bitcoin’s. But of course, market caps were poles apart.
Dogecoin saw a peak of $0.017, hitting a market cap of $ 2 Billion!
Tiktok’s surging popularity swept Dogecoin off its feet too and it’s price shot up even more.
The Dogefather, Elon Musk started tweeting about Dogecoin, sending it’s price higher and faster than any rocket SpaceX has launched. From memes to polls, anything Musk said, investors flocked to buy the coin.
January 2021 saw Dogecoin sprint up a whopping ~800% in a matter of 24 hours. How? Reddit.
The same Reddit which put Gamestop up on a pedestal around the same time. This act was coined the crypto Gamestop.
Other celebrities like Snoop Dogg, Mark Cuban and Gene Simmons fueled the value higher and higher. Mark Cuban even declared that his NBA team would allow purchasing tickets and products with Dogecoin.
In May 2021, Dogecoin officially broke free of the 50 cents barrier marking a ~20,000% surge from just the past 1 year.
And then came Musk’s show-stopping announcement of Doge-1 to the moon.
What started as a goofy joke has become the loudest buzz of the crypto market in recent times. A Doge cult, as they call it, has truly been formed with Elon Musk being the most eminent supporter. But how long will it sustain on these temporary nudges? The question of whether it is a smart investment or not still remains.
Disclaimer – This content is purely for informational purpose and in no way advice or a recommendation.