What is Dogecoin
The Dogecoin coin appeared back in 2013 thanks to the American programmer Bill Marcus and the Australian brand manager Jackson Palmer. The logo of the cryptocurrency became an Internet meme in the form of a smiling Shiba Inu dog.
Initially, Dogecoin was just a joke and was not considered an investment project. Its authors simply wanted to amuse the audience by showing how fine the line is between serious and frivolous things. But a wave of hype picked up the coin, making it quite popular.
“The cryptocurrency is a successful hard fork of the Litecoin network. The currency gained its main popularity due to its low exchange rate, low cost and fast transaction speed, which allows it to be used for microtransactions, where its use is most common. The popularity of the currency is also ensured by miners, due to the ease of mining the coin. But at the same time, there is artificial inflation of 5% and the absence of restrictions on the total volume of emissions,” explains LetKnow.News analyst Dmitry Mazenko.
Initially, the number of Dogecoin coins was planned to be limited to 100 billion units. But in the end, management decided to make the coin issue unlimited.
Are Elon Musk's tweets no longer affecting Dogecoin?
If you think that Elon Musk has stopped tweeting in support of cryptocurrencies, then this is not true, even though cryptocurrencies have stopped reciprocating the billionaire. Bitcoin and Dogecoin rates, on the contrary, are tired of frequent jumps against the backdrop of publications on Twitter by the billionaire.
However, Musk’s love for Dogecoin is still strong, as not even a couple of days go by without another mention of the token.
The loudest statement of recent days, perhaps, remains the opinion of one of the billionaire’s subscribers. The user expressed the idea that the American cryptocurrency exchange Coinbase, which is due to launch an IPO in the near future, needs to add Dogecoin (DOGE) to its platform. Elon Musk loudly agreed with this opinion.
. @Coinbase has a chance to gain millions of customers (and dollars) by enabling #Dogecoin trading, and with the pressure on from @ElonMusk , they may do it sooner than we think #DogecoinRise #DogeOnCoinbase @brian_armstrong https://t.co /GzcdyCPslk
— 💸💸💸 (@itsALLrisky) March 13, 2021
In the last 24 hours, he ironically noted that he is a very dogmatic “ dogematic ” and announced the whole “ DOGE Day ”. However, the price of Dogecoin has not changed as significantly as when the billionaire published only one word “DOGE” in February: then in five minutes the token made plus 8.1%, and in an hour – plus 17.31%.
In total, memecoin has now grown by only 10% in a day, and in a week - by 21%, and this despite the overall positive background of the crypto market and Bitcoin achieving new results - $60,000 and $61,000.
Elon Musk's tweets don't always have results. March 1 meme had no response, as did the billionaire's musing about the possible use of DOGE in a new city under construction in Texas.
Bitcoin also became less receptive to Musk’s tweets: remarks about the BTC anagram did not affect the rate in any way.
BTC (Bitcoin) is an anagram of TBC(The Boring Company) What a coincidence!
— Elon Musk (@elonmusk) March 12, 2021
With his messages, the billionaire has already attracted the attention of the Securities and Exchange Commission (SEC), which has gathered to talk with Elon Musk about his publications . Public statements about Bitcoin and Dogecoin are beneficial to the CEO of Tesla, whose son is DOGE-Hodl, and the company itself bought $1.5 billion of the first cryptocurrency.
However, the prospects for such a conversation do not frighten Elon Musk at all; on the contrary, he considers this fact very funny. And he doesn’t stop publishing messages about cryptocurrency.
Let's see further where this all leads.
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Author: Ed Mickiewicz, analyst at Freedman Сlub Crypto News
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Elon Musk did not initiate the growth of Shiba Inu, who started it?
Shiba Inu has gone into bullish mode in the last few days with the hashtag #SHIB trending on social media platforms like Twitter, bringing in a lot of money for its investors.
The Dogecoin craze has been ongoing since the beginning of 2022. Some cryptocurrency traders and investors don't want to miss out on these jokey coin investments. Investors who tried DOGE, the leading prank-oriented cryptocurrency, attacked Shiba Inu this time. Thus, investors have proven that they are not afraid to invest in risky digital assets such as Shiba Inu. Over the past few days, Shiba Inu has increased in price by up to 385%. At the time, Shiba Inu was the 12th largest cryptocurrency in the world by market capitalization. No matter how much SHIB's price fell yesterday, the coin is still up 200% in the last 7 days. In February 2022, Elon Musk tweeted a lot about Dogecoin, which caused Dogecoin to grow at an incredible rate, making many people millionaires.
Additionally, the Tesla CEO has sometimes described Dogeocoin as better than Bitcoin. At that time, investors entered Dogecoin in an “entry and exit” scenario. However, after this, Elon Musk’s influence on cryptocurrency weakened over time. But lately, the cryptocurrency community is saying that things are a little different with Shiba Inu.
Claims that Shiba Inu's rise began with a tweet from Elon Musk have also been debunked by major trading. Before the Shiba Inu rally on September 30, an unknown whale investor bought 6 trillion Shiba Inu worth about $43 million. He also received another SHIB 276 billion on October 2, days before the start of the October 4 rally. A total of 6.276 trillion Shiba Inu were purchased.
Shiba Inu price peaked at 0.00003528 yesterday. In addition, as the price of Shiba Inu increased, the number of Shiba Inu owners also increased. Shiba Inu reached 1 million followers on Twitter a few days ago.
Please note that Shiba Inu was introduced to the community as an “experimental token”, but the coin will be used on a decentralized exchange called ShibaSwap. This means that Shiba Inu currently has more advantages than its main competitor, DOGE. Speaking of Shiba DEX, ShibaSwap surpassed $1 billion in total value locked (TVL) within 24 hours of its launch in July. ShibaSwap currently has a Total Value Locked (TVL) of around $270 million.
How Elon Musk is driving stocks higher
Only he has such an influence on investors, especially those on the Reddit forum, notes Vladimir Rozhankovsky, managing director of Trade123. And all thanks to a long-standing dispute with the US Securities and Exchange Commission. “He once called them a commission to enrich short sellers when they forced him to stop insinuating that Tesla would go private. There were many different proceedings, he hired super-lawyers who eventually defended him, he got off with some completely symbolic fines. This was actually a violation of the law, because this is called material information, actually,” explained Rozhankovsky.
Since then, he has become practically a hero to some millennials who understand something about trading. Many of them spend time on Reddit. And when they decided to raise the shares of GameStop on their own, their task was first of all to punish those who were short-sellers. Many forum users believe that short sellers are to blame for the 2008 crisis, which forced the families of some Reddit investors into poverty.
And now it seems that Elon Musk has taken their side, although in fact he could have been held accountable for such tweets, continues Vladimir Rozhankovsky: “What Musk does should be perceived precisely as an investment recommendation. He says: whatever you want, I, for example, bought Dogecoin. If I write something there now and it’s a disclaimer, I might just end up in jail. The Securities Commission is asleep; activity on social networks is not regulated in any way. Mask cannot be fined in this particular story; he will say: where is your law that regulates activity on social networks?”
Elon Musk will literally launch Dogecoin to the moon
Memes are getting more and more expensive.
There have already been NFTs that sell for millions, and Reddit “monkeys” investing in Gamestop shares in order to bankrupt hedge funds with tens of billions in assets. And now Elon Musk is pushing Dogecoin with all his might.
Yesterday, SpaceX announced that it is going to launch a satellite, which they will call DOGE-1, to the Moon. And now accepts Dogecoin into your wallet to make this possible. The launch of the satellite will be paid exclusively with cryptocurrency.
The satellite will be used to take images of the Moon using onboard cameras and sensors. It will be made in the shape of a cube weighing 40 kg. According to the press release, it is being paid for by Geometric Energy Corporation. The satellite will be launched on a Falcon 9 rocket in the first quarter of 2022.
Dogecoin started out as a silly meme - a currency with a funny dog face. But lately, thanks mainly to the efforts of Elon Musk, the meme is becoming less stupid. The billionaire actively promoted Doge in April, calling himself “Dogefather.” And yesterday, for a day, he became a guest host on the popular television sketch show Saturday Night Live (SNL). Mainly for humor, but also to talk about their new projects and Doge.
The price of Dogecoin, which is typical, went down by 23% during Musk’s sketches on SNL. According to many viewers, Elon’s jokes and characters weren’t very funny. But still, since the beginning of April, Doge’s growth has exceeded a thousand percent. If Elon Musk had invested in Doge before this whole story, he could have earned decent money. Although it is unlikely that Musk needs this: the capitalization of all Dogecoin so far is less than half of his fortune - $73 billion. Most likely, the billionaire is doing everything for the sake of performance and memes.
Crypto fans love to talk about how this or that currency will fly “to the moon,” but Musk was the first to decide not just to talk, but to take the organization of this process into his own hands.
SpaceX Vice President Tom Ocinero says that this will be the official motto of the project: “Doge flies to the moon.” He also stated that their focus on crypto lays the “foundations for interplanetary trade.”
Geometric Energy Corporation's CEO says the deal "strengthens DOGE as the unit of account for the lunar business in the space sector." The press release goes on to say that Dogecoin is “sophisticated and valuable enough to fully fund a commercial lunar mission.” And that it will be used for all lunar operations between GEC and SpaceX.
Prior to this, Musk had already announced the company’s plans to launch Dogecoin to the Moon in a tweet dated April 1 of this year. Of course, then the public took it simply as an April Fool's joke.
But with Musk, since launching Tesla to Mars, inserting a chip into the brains of monkeys and founding the Boring Company, it is sometimes difficult to understand where the humor is and where the future business project is.
Perhaps this is the very world of the post-economy - when memes and news feeds are worth any money. The real value of a product on the market is less important than whether you can make a successful TikTok about it or launch a viral tweet.
So DOGE, due to its memetic nature, in 2022 will become the first cryptocurrency that will finally really fly to the Moon.
Upd.
Performances and sketches with Musk can be found on the official SNL YouTube channel. Here is the traditional monologue at the beginning of the program:
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