Elon Musk is back. Almost weeks after Musk made a direct comment on the cryptocurrency and its future, the ‘Musk effect’ still seems to be strong, especially with the boss of Tesla and SpaceX CEO’s favorite cryptocurrency, Dogecoin. . Dogecoin started out as a joke. By the start of 2021, however, the joke seems to have turned on those who haven’t taken cryptocurrency meme seriously. Cryptocurrency meme Elon Musk kept tweeting about hitting an all-time high in mid-April, breaking 10 cents for the first time. This is the highest level ever for cryptocurrency and the result of a semi-ironic move involving thousands of buyers, tens of thousands of online posters and the richest man in the world. , Elon Musk. In early January, each token was worth less than a cent. In late 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.
While Musk has constantly stopped tweeting about the cryptocurrency (which has also elicited a lot of backlash from people who blame Musk for putting their money into it, only to see it stop growing) at the At the end of June, he shared that he would be getting a Shiba Inu pet soon, and announced to name his Shiba Inu ‘Floki.’
In the early hours of September 13, Musk posted an update – a photo of his new puppy: Floki.
Following Musk’s tweet, Dogecoin has seen a change of + 0.36% over the past 24 hours, with the rise in value coinciding with the same time Musk posted the tweet at 3:50 a.m. (GMT + 5:30 a.m.).
Dogecoin wasn’t the only cryptocurrency to jump – Baby Doge Coin, a spin-off of Dogecoin, also registered a + 1.80% in the last 24 hours according to CoinMarketCap. Baby Doge is described as having “learned a few tips and lessons from his meme father, Doge Coin”. A Birth by fans of the Doge community. Baby Doge seeks to impress his father by showing off his new improved transaction speeds and lovable character. It’s hyper-deflationary with a built-in smart staking system so that more baby doge are added to your wallet. Just love, stroke and watch your Baby Doge grow up.
This isn’t the first time Musk has “accidentally” caused the cryptocurrency prices to soar. It’s not even the second or third time. Whenever Musk mentions cryptocurrency, there is a surge (often following a possible fall) in the prices of the cryptocurrency. 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. On the other side of the world, Billy Markus, a software engineer at IBM, got in touch and put Dogecoin online. Dogecoin has climbed more than 60 percent in the past 24 hours and has seen a 1,421 percent 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, until 2021.
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