Dogecoin: 'Joke' Virtual Currency Touted by Elon Musk

Dogecoin is a cryptocurrency just like Ethereum and Bitcoin. It was first launched in 2013 by Jackson Palmer and Billy Markus as an altcoin. It’s ironic that Dogecoin began as a joke and has since grown to become one of the most well-known cryptocurrencies.

It has received a lot of attention as a result of tech billionaire Elon Musk’s interest in it. Recently, the self-made billionaire Elson Musk has developed a lot of interest in Dogecoin. As a result, many crypto investors are now interested in buying and holding Dogecoin, waiting for the right time to trade.

The Current Trends in Dogecoin

Dogecoin’s value increased a few days after Elon Musk appeared on the comedy show Saturday Night Live. But this was only short-lived due to the volatility of the crypto market. Despite building a reputation overnight, its price fell after the founders of Tesla and SpaceX stated in a show that investing in Dogecoin is a risky move that could result in money laundering. What a lame move.

This is not the first time Elon Musk has shown interest in cryptocurrency. Early this year, he showed interest in Bitcoin, adding that it is a good investing point for new crypto investors.

Amid all these trends of Dogecoin, the creators had in early 2013 stated that their intention was to create the digital asset to counter the well-known cryptocurrencies such as Bitcoin and Ethereum.

But have you ever wondered how Dogecoin got its name? According to Billy Markus, a gaming software engineer, the digital coin’s name is a meme that was inspired by a Shiba Inu dog, which has also contributed to increasing its popularity.

Facts Surrounding Dogecoin

This year, Dogecoin was boosted by the craziness surrounding the GameStop incident as well as numerous social media messages from Elon Musk.

The value of Dogecoin increased from its initial value, which was a fraction of a cent to five cents earlier this year. In the past few weeks, it has again shown improvements after skyrocketing from 5 cents to 74 cents.

However, it went down to 49 cents after the comments made by Tesla and SpaceX on the Saturday night live show, as mentioned earlier.

This was not the end of the road for Dogecoin, and in just a few days it showed an improvement by increasing from 49 cents to 52 cents.

This alone increased the market value of Dogecoin by 55 million euros, resulting in making it among the top 5 most well-known cryptocurrencies. This also enabled it to be traded by top rated exchanges such as NakitCoins, Coinmama, Binance, and many others.

According to different research, Bitcoin leads as the most well-known virtual coin with a value of $1.1 trillion. It is later followed closely by Ethereum and Binance coins respectively.

The multi-billionaire Elon Musk has shared in numerous tweets about dogecoin. It is in the SNL show where he left a comment that happened to leave many people with unanswered questions.

Elon Musk once stated that Dogecoin is like a car that is set to take over the world. This statement alone shows how dogecoin is going to improve the world market today.

The value of Dogecoin increased from its initial value which was a fraction of a cent to five cents earlier this year. In the past few weeks, it showed improvements after skyrocketing from 5 cents to 74 cents.

Conclusion

Despite being referred to as a hustle by Musk, the chief executive of Tesla Inc., Dogecoin is the only cryptocurrency that is believed to take over the globe in the future. No other cryptocurrency will be in use at that time. Losing its price now means nothing as it has unstoppable financial vehicle.

In a few years, the world will only be using crypto as currency. It’s important for anyone who’s wishing to invest in cryptocurrency to do so with a lot of caution, and by caution, we mean choosing wisely. With Dogecoin as the only true social currency, any persons’ future is financially secured.