Elon Musk believes Dogecoin may be the future of cryptocurrency. Dogecoin began as a prank. The joke seems to have turned on those who did not take the meme cryptocurrency seriously in 2021. Elon Musk’s meme-cryptocurrency, which he couldn’t stop tweeting about, hit a new peak in mid-April, hitting the 10 cents mark for the first time.
DogeCoin’s market cap is currently over $74.13 billion, despite the fact that it began as a joke and is simply known as “a meme coin.” This is the cryptocurrency’s highest point ever, and it’s the culmination of a semi-ironic campaign involving thousands of customers, tens of thousands of online posters, and Elon Musk, the world’s richest guy.Every token was worth less than a cent in early January.
When both the GameStop and DogeCoin movements were in full swing in late January, the value of DogeCoin soared to 7.5 cents, a 10-fold increase, before plummeting to 2.5 cents. The coin has been trading in the three- to seven-cent range for the past few months. Dogecoin has surged to an extend where it may be impossible to stop.
Dogecoin : The future of cryptocurrency
In a recent interview with TMZ, Elon Musk, Tesla CEO, SpaceX CEO, and Dogecoin supporter, claimed that this cryptocurrency might be the future of
In a recent interview with TMZ, Elon Musk, Tesla CEO, SpaceX CEO, and Dogecoin supporter, claimed that this cryptocurrency might be the future of cryptocurrency . “There is a strong possibility that crypto is the future currency of the world,” he says in the interview. Then there’s the issue of who will win. “It may be a number of things,” he speculated.
He then goes on to describe how Dogecoin was created as a joke, effectively mocking cryptocurrencies, which is the irony, according to Musk. “That the currency that started out as a joke turns into real money and the future of cryptocurrency.”
“There is a strong possibility that crypto is the future currency of the world,” he says in the interview. Then there’s the issue of who will win. “It may be a number of things,” he speculated.
He then goes on to describe how Dogecoin was created as a joke, effectively mocking cryptocurrencies, which is the irony, according to Musk. “That the currency that started out as a joke turns into real money.” which could be the future of cryptocurrency.
“Don’t put your life savings into cryptocurrency,” he says in a video. That’s a bad idea.”
“Elon, my Dogecoin prices went up after you tweeted,” one person can be heard shouting in the video. That argument, unlike a specific cryptocurrency price, is absolutely correct.
Elon Musk, the CEO of Tesla and SpaceX, seems to have a side job hustling for cryptocurrency prices on Twitter. Late Thursday night, the billionaire, who has regularly mobilized support for bitcoin and the meme currency dogecoin, sent out another tweet about the meme-based cryptocurrency. This isn’t the first, second, or third time Musk has done anything like this. Any time Musk mentions cryptocurrency, the price of the cryptocurrency rises (often followed by a subsequent drop). The phenomenon has been named “The Musk Effect” by internet sleuths, who have more than just co-related it. So what if we claim that Elon Musk is the future of cryptocurrency?
What makes him think that Dogecoin could be the future of cryptocurrency?
Dogecoin began as a joke, and it remained a joke for nearly seven years. Until 2021, when meme and cryptocurrency fans banded together to support the meme-cryptocurrency, aided by the GameStop boom. The value of the cryptocurrency jumped several times, first to ten cents, then thirty, and eventually to 69 cents on April 20 – the highest ever. There were concerted groups attempting to manipulate the cryptocurrency price in what can only be defined as a valiant effort. However, it was a failure. The price of the cryptocurrency has dropped -17.25 percent in the 24-hour shift as of April 21 8:00 AM IST.
The price is currently around $0.31, and the market capitalization has dropped from $50 billion to $40 billion.
What exactly is dogecoin? Dogecoin is a digital coin similar to Bitcoin that is used for e-transactions. The shiba inu is depicted on Doge, which is a reference to the ‘doge’ meme. It’s a cryptocurrency, or digital currency, that, like bitcoin, allows for peer-to-peer transactions over a decentralized network.
Doge has also been used to donate money to charities since its inception. The 2014 Jamaican Bobsled squad, which couldn’t afford to attend the Sochi Winter Olympics, a Nascar driver named Josh Wise, and a Kenyan clean water initiative called Doge4Water are just a few examples.
Palmer, an Australian marketer, created a joke merging two of the internet’s most talked-about topics: bitcoin and Doge, at the height of the meme’s success in 2013. He purchased the domain Dogecoin.com and posted a picture of Shibe on a coin.
“Get in touch if you want to make Dogecoin a reality,” the website said. Billy Markus, an IBM software developer on the other side of the planet, got in touch and enabled Dogecoin. According to crypto data firm CoinMarketCap, Dogecoin has risen by more than 60% in the last 24 hours, with a 1,421 percent spike in trading volume.
Dogecoin reached a high of about two cents in 2018, only before collapsing along with the majority of cryptocurrencies. According to reports, Dogecoin had lost nearly 90% of its value by early 2019 and was trading for a fraction of a penny, until now.