Elon Musk’s Twitter biography reads “Technoking of Tesla, Imperator of Mars”. hit an all-time high on Wednesday. Then Musk decided to take it a step further. According to data from Coindesk, Dogecoin jumped to $ 0.14 at 10:25 am IST, just 20 minutes after Elon Musk tweeted a painting about it. On Wednesday it had jumped to 70.22% in its last 24 hours – the highest on record. Currently (at the time of writing this article) the value of Dogecoin is $ 0.133093 or close to 13 cents. DogeCoin’s market capitalization – which started out as a joke and is literally classified as “a memecoin” – is currently over $ 14 billion. It’s the highest on record for cryptocurrency, and the result of a semi-ironic move that involved thousands of buyers, tens of thousands of online posters and the richest man in the world. world, Elon Musk.
In early January, each token was worth less than a cent. At the end of January, when the GameStop and DogeCoin movements hit their stride, the value of DogeCoin climbed to 7.5 cents, well above a magnification of 10, before dropping to 2.5 cents. The coin has spent the past few months in the three to seven cent range.
As crypto-Twitter celebrated the victory, Musk took it up a notch by posting a chart, captioning it – a “Doge barking at the Moon.” And then the price of cryptocurrency also jumped, well on its way “to the moon”.
The painting is ‘Dog barking at the moon’ by the painting of the Spanish painter and sculptor Joan Miró. It was painted in 1926 in the town of Mont-roig del Camp, Catalonia. The painting originally belonged to the collection of Albert Eugene Gallatin before being bequeathed to the Philadelphia Museum of Art in 1952, where it is today.
What is dogecoin? Dogecoin, just like Bitcoin, is a digital coin used for electronic transactions. Doge is a reference to the ‘doge’ meme and has an image of the shiba inu on it. It is a cryptocurrency, a form of digital currency that, like bitcoin, enables peer-to-peer transactions over a decentralized network.
Since its inception, Doge has also been used to donate money to charity. These include the 2014 Jamaican bobsleigh team that couldn’t afford to make it to the Sochi Winter Olympics, a Nascar pilot named Josh Wise, and a clean water project in Kenya called Doge4Water. .
At the peak of the meme’s popularity in 2013, Palmer, an Australian marketer, made a joke combining two of the most talked about topics on the internet: cryptocurrency and Doge. He bought the Dogecoin.com domain and uploaded a reworked Shibe on a coin.
“If you want to make Dogecoin a reality, contact us,” the website said. Across the world, IBM software engineer Billy Markus got in touch and put Dogecoin live. Dogecoin has climbed over 60% in the past 24 hours and has seen a 1,421% increase in trading volume according to crypto data firm CoinMarketCap.
The peak price of Dogecoin in 2018 was around two cents, just before it collapsed along with the rest of the cryptocurrency. Reports suggest that by early 2019 Dogecoin had lost almost 90% of its value and was trading for a fraction of a dime, so far.
While the “Musk Effect” is quickly becoming mainstream internet slang, this isn’t the first, second, or even the third time Elon Musk has tweeted about Dogecoin, raising its prices.
Musk, who has been constantly tweeting about the same cryptocurrency for some time, hit a record high of $ 0.065448, up about 35% from its 24-hour low of $ 0.048356, according to CoinDesk at the beginning of February. The price of the cryptocurrency then fell again before climbing back to around 25% gain. The Shiba Inu-themed digital coin then broke above 8 cents for the first time, just a week after it fell to 2.5 cents and sparked an uproar on Reddit.
Musk had said he supported the major holders of the digital currency based on Dogecoin memes selling most of their coins, adding that he felt that too much concentration in Dogecoin was the “real problem”.
“If the major Dogecoin holders sell most of their coins, it will get my full support. Too much focus is the only real imo problem, ”he said in a tweet. But that was not all – he offered to pay “a real dollar” for it.
Musk published a Twitter poll in February asking his 45.8 million followers to choose “Earth’s future currency.” He gave two options: “Dogecoin to Moooonn” or “All other cryptos combined”.
The poll resulted in 71.3% of 2.4 million voters saying “Dogecoin to the Moooonn” would be the future of the currency.
Read all the latest news and breaking news here