Dogecoin was launched in 2013 when the popularity for the Doge meme was at its highest, and since then has been widely promoted by SpaceX CEO Elon Musk.
Tesla CEO Elon Musk on Wednesday told one of his 45 million followers on Twitter why was he, after all, such a big fan of the cryptocurrency Dogecoin. Following his tweet wherein the infamous Shiba Inu dog, a meme that inspired the cryptocurrency, was seen clad in a spacesuit standing on the lunar surface holding a flag, one of Musk’s followers asked, ‘Why do u love Doge so much?’ Shortly, the Tesla boss responded in the comments thread, saying, that he “loves dogs and memes.” Dogecoin was launched in 2013 when the popularity for the Doge meme was at its highest, and the cryptocurrency’s Stockmarket trading and investments were propelled by Reddit and billionaire Elon Musk. Following in Musk’s footsteps, many celebrities took to their social media networks to promote DogeCoin that surged the currency to a record value. The meme token, since, has become a favourite among the followers of Tesla maker, who has fired umpteen tweets in favour of the joke token.
Last month, Dogecoin was worth roughly $0.007, however, the currency has gained drastically by 1,000 percent in course of just a few days, according to reports. While Elon Musk stated on Twitter that he bought the “the future currency for Earth” Dogecoin for his nine-month-old son, rockstar Gene Simmons from the band KISS took to his social handle to declare that he purchased “a big position” in the cryptocurrency, meanwhile, rapper Snoop Dogg tagged Elon Musk in a meme where his face was replaced by Shiba Inu.
Musk calls Dogecoin ‘people’s crypto’
Musk’s first-ever tweet promoting Dogecoin was a word: ‘Doge’, this was followed by several other tweets, with the latest being Musk saying that the cryptocurrency was ‘on the actual moon.’ The phrase, ‘Going to the moon’, is renowned widely in the trading markets to predict a jump in stock pricing. Since shared, the currency’s assets shot by 25 percent Wednesday following Elon Musk’s tweet at 8:00 AM ET. By 10:17 AM ET, DogeCoin’s trading surged by 23.11 percent to $0.0581. Musk had earlier called DogeCoin “people’s crypto”, in a follow-up tweet he wrote: “No highs, no lows, only Doge”. Not just that, Tesla chief added the term Bitcoin to his Twitter bio (and then deleted it shortly thereafter), which led to a jump in the cryptocurrency price by as much as 20 percent. Adding to this, Musk said on Clubhouse, an audio-based social app, that “Bitcoin is a good thing” and that he was “late to the party”.