A story of Elon Musk & Dogecoin 

Introduction

Dogecoin, a cryptocurrency that began as a “prank,” gained the entire support of the Reddit community when it made headlines shortly after Gamestop’s (GME) rally.

The coin’s creators intended for no one to take it seriously as an investment, but that wasn’t how things ended up.  With an over 150% gain in value in the first half of 2021, it became the largest memecoin in the world. 

It is the most well-known dog-friendly meme coin in the world of cryptocurrencies, and Elon Musk wants it to “fly to the moon.”

Let’s look into Dogecoin’s complete backstory.

History of Dogecoin 

As a possible misspelling of the word “dog,” the Doge is a cute Shiba Inu that is usually shown with a confused look on its face. This dog is often shown as a comic sans characters. It’s important to note that the Shiba Inu, whose expressive face has been used in many popular internet memes, is a real dog. 

The dog’s name is Kabosu, and he has a pretty amazing past because he was one of the few Shibas in his litter to have survived a “Puppy Mill” before Atsuko Sato of a Japanese nursery school saved him from certain death in 2008.

• On Dec 6, 2013, two software engineers named Bill Markus and Jackson Palmer made Dogecoin as a faster and more “fun” alternative. It was created as a joke about all the fake cryptocurrency coins that were around at the time.The name and image of this coin come from a Shiba Inu meme. 

• In 2015, Billy and Jackson quit this development, and after that, a new team was formed. The development team has consisted of a few developers managing over 40 contributors.

• In 2019, billionaire Elon Musk tweeted his support for memecoin in response to a user on social media site X. Musk’s outspoken support for cryptocurrencies began here. When Musk first tweeted about Dogecoin on April 2, 2019, it was worth $0.002552.

• Musk captioned a 2020 meme of Dogecoin conquering the world financial system “It’s inevitable.” Musk’s sponsorship boosted Dogecoin speculation. The peak price of Dogecoin was $0.003084 on July 17, 2020.

• In 2021, Elon Musk told his Twitter followers that DOGE might be a part of his first appearance on “Saturday Night Live,” which caused the value of the cryptocurrency to rise. The CEO of Tesla wrote, “The Dogefather SNL May 8.” This was a reference to his hosting gig on “Saturday Night Live,” which was announced last week. In the past 24 hours, dogecoin had been going down towards $0.25. After this tweet, it went up more than 20% to over $0.31.

• On May 8, 2021, Dogecoin collapsed in early U.S. hours on Sunday after Tesla CEO and cryptocurrency backer Elon Musk dubbed it a ‘hustle’ on Saturday Night Live.

Binance listed this coin at $0.47, down 28% from $0.65 before the presentation. The tweet seemed to inspire dogecoin traders that the meme-based currency will get more TV exposure. Binance listed Dogecoin at $0.47, down 28% from $0.65 before the presentation.

• In May 10 2021, in a tweet about Dogecoin by Elon Musk sent its price and market value through the roof more than once.

• On December 20, 2022, Dogecoin dropped over 10%. Following Twitter CEO Elon Musk’s newest poll on the social media network asking if he should resign, it was trading at $0.07 at press time. While 57.5% of voters wanted Musk to resign, 42.5% wanted him to stay.

• In 2023, the number of businesses and retailers that accept Dogecoin as a form of payment continued to increase. 
• Dogecoin’s price has rallied dramatically from its cycle bottom in early 2024. Community strength, celebrity endorsements, and increased use as a payment option have led to its comeback.

How did Elon Musk make Dogecoin more famous?

In an odd tweet in April 2021, Musk said, “Dog barking at the moon.” This was the start of everything. Dogecoin’s worth shot up to $0.45, which is about Rs 34. After a few days, he teased his fans that Dogecoin might be a part of his first appearance on “Saturday Night Live.”

When Musk called himself the “Dogefather” in a tweet, the price of Dogecoin went up by as much as 20%. He even changed the name on Twitter to say “Former CEO of Dogecoin.”

Walter Isaacson’s biography of Musk shows how strongly the world’s richest man backs the token. In one point, Isaacson says that Musk’s brother considered developing a blockchain-based social media platform with Dogecoin payments.

Musk often posts Dogecoin memes. Even so, he wasn’t done being funny about the meme symbol; he even bought a Shiba Inu dog named Floki, which is the logo for Dogecoin. This pet dog was tweeted in February with the remark, “The new CEO of Twitter.”

Elon Musk Suggests Dogecoin Payment for Teslas 

In January 2022, Musk declared that Tesla would take meme-based cryptocurrency Dogecoin in exchange for their products. The action increased the price of Dogecoin by 14%, but there no confirmation on it yet.

The recently released “Cyberwhistle” and “Cyberquad for Kids” are popular items among Tesla’s followers and typically sell out within a few hours of going up for sale. Some reports state that products for Doge are selling out far more quickly than products for dollars.

Is Dogecoin better than Bitcoin?

Tesla and SpaceX founder Elon Musk told Time magazine that Dogecoin may be better for daily transactions than Bitcoin. He claimed Bitcoin is good for storing assets but not for daily transactions because of its slow processing and expensive fees. 

Musk claims that Dogecoin, a joke, can handle more daily transactions than Bitcoin, making it more practical for daily transactions.

Is Dogecoin a good investment?

Long-term crypto investments require extensive investigation. Dogecoin has its usefulness and fame, but it’s crucial to recognise its true value. Dogecoin’s value originates from its community-driven and worldwide nature, unlike stablecoins or Ethereum.

Dogecoin may make you money in the short term, but not in the long term. Coin values fluctuate, and Dogecoin may be below its peak. Dogecoin alternatives like Bitcoin may be better for long-term investors seeking security and profit. Remember that long-term investment requires patience and market knowledge.

Finally, cryptocurrency success requires diversification and smart decisions. Research and consider the benefits and cons of each investment before choosing one. Learning more and making smart selections will help you attain your investing goals in the ever-changing cryptocurrency market.

Conclusion

In conclusion, global economic uncertainty and crypto scandals make Dogecoin’s future uncertain. These reasons have lowered public and investor trust, hurting Dogecoin.

Dogecoin’s meme-based appeal raises concerns about its long-term viability. Elon Musk’s tweets might affect the token’s value because it depends on market sentiment. While Dogecoin has seen exponential rise and dramatic losses, its journey shows how unpredictable digital currencies are. Despite its problems, a large following uses Dogecoin for online tipping and shopping.

Dogecoin’s future depends on its capacity to adapt, develop, and provide value to consumers. Whether it can overcome its current issues and maintain its crypto market position is unknown, but its tenacity and loyal community imply development.

Investors must analyse the market and follow Dogecoin’s developments. The coin may have potential, but the volatile crypto market entails hazards.