Whether or not you’re excited about crypto or not, you’ve most likely heard of Dogecoin. This meme-based cryptocurrency — Elon Musk’s favorite — is making headlines once more.
The cryptocurrency soared practically 50% in per week to $0.22 on rumors that Musk would add it to X as a cost technique.
It began with Musk’s cryptic post on March 25, in which he shared an image linking X’s brand with a cost firm, calling it an “every thing app.” Within the caption, he wrote, “The circle shall be full.”
Musk had as soon as mentioned that the every thing app would change YouTube, LinkedIn, courting apps, and even banks. The submit has raised the hopes of Dogecoin lovers who’re ready for X to just accept it as a cost technique.
Musk and Doge have a long-standing relationship. Let’s recap their affair.
Who created Dogecoin?
Created as a joke by software program engineers Billy Markus and Jackson Palmer in 2013, Dogecoin options the likeness of the Shiba Inu canine popularized within the Doge meme.
However what initially started as a joke would rework into one of many world’s most respected cryptocurrencies.
How did Dogecoin get in a single day success?
The credit score for Doge’s success goes to the GameStop saga that started in January 2021. The meme stock reached its peak when a bunch of small buyers, inspired by the Reddit neighborhood WallStreetBets and helped alongside by an Elon Musk tweet, skyrocketed GameStop shares to $86.88 in January 2021.
On Reddit, buyers later mentioned what cryptocurrency is equal to meme inventory GameStop — and the reply was Dogecoin. That’s how Dogecoin got here into the limelight, and simply as GameStop reached its peak, Dogecoin began to achieve traction, peaking in Could 2021 at $0.74 per coin.
When Musk turned a proud Dogefather
After the GameStop saga, one other occasion despatched Dogecoin to the moon. One fantastic day, Elon Musk tweeted a phrase on Twitter: Doge. The worth surged dramatically as media consideration was garnered, and crypto fans immediately turned excited about Dogecoin.
Later within the 12 months, Musk hosted NBC’s “Saturday Night Live” and called himself a Dogefather. He continued selling Dogecoin on numerous platforms, resulting in its inclusion within the prime 10 cryptocurrencies by market capitalization.
Musk’s obsession with Dogecoin continued. As soon as, he said Doge is his favorite cryptocurrency because “it has the best humor and it has dogs.”
Doge has the again of Tesla and SpaceX
Musk additionally made certain to include Dogecoin into his electrical automobile and area mission. At Tesla, Dogecoin can be used to purchase select merchandise, like Cyberquad for Children, Giga Texas Belt Buckle, and Cyberwhistle.
Musk hinted recently that Dogecoin might be accepted as a cost technique at Tesla sooner or later.
Furthermore, SpaceX has also accepted Dogecoin as cost for the rescheduling of the DOGE-1 lunar mission.
Will X settle for Doge as a cost technique?
When X was nonetheless Twitter in 2021, it already accepted Bitcoin as a payment method for tipping. This was considered the primary experiment by which cryptocurrency was used as a cost technique on any social media.
So, the acceptance of Doge as a cost technique on X received’t come as an entire shock. If and when X accepts Doge, it may simply ship Dogecoin and different cryptocurrencies to the moon as soon as once more.
What is Dogecoin? Explaining Elon Musk’s favorite cryptocurrency qz.com 2024-03-28 20:01:14
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