Dogecoin emerged in 2013 - the cryptocurrency was created by Billy Markus and Jackson Palmer and forked from Litecoin. It is a decentralized open-source peer-to-peer digital currency that was created to make the payment system instant, fun and free from the traditional and banking fees, including the part that it was started merely as a joke. The cryptocurrency is featured with the face of a dog and it is also its mascot that was taken from the original “Doge” meme - ‘Doge’ which is favoured by the Shiba Inu - a Japanese dog breed was started as a meme on the Internet and was voted as the top 10 memes of the year 2013.
The cryptocurrency can be used for storing and transactions, however, it is known for tipping system on Twitter and Reddit that enables users with a reward by participating in the community and creating or sharing great content. The cryptocurrency that started as a joke is now surging the market. One of the many reasons is the part that was played by the subreddit group - GameStop and was later fuelled leading to a hitting high from the tweets by Elon Musk - the CEO and co-founder of Tesla, co-founder of PayPal, founder of SpaceX, and The Boring Company.
The question that stands is how a cryptocurrency that started as a joke is now skyrocketing its way in the market and what role does Elon Musk play in it.
In this blog, we are going to discuss - Why Elon Musk Is Pumping The Meme Crypto - Dogecoin?
Ever since the $1.5bn investment in Bitcoin, one thing is for sure that Elon Musk has plans for cryptocurrency but why Dogecoin? Many are speculating on the part that Elon Musk has either invested in Dogecoin or he just has some alternative motives. He has always seemed to be the different-kind-of-entrepreneur - but one the sure thing that is undeniably difficult to ignore is how his mind works - his entrepreneurship.
Also Read, All That You Need To Know About Pump And Dump
Whatever be his reasons for the tweet about the coin, it led to one of the most discussed cryptos of the year. The spur on the Reddit board by WallStreetBets, other chat groups and tweets by Elon Musk resulted in rocketing the value of the cryptocurrency at 800% in 24 hours.
Even after all the headlines of 2018 with Tesla and SEC, Elon yet with his tweets not only boasted Dogeocoin but also included GameStop (NYSE:GME), Etsy, Shopify and Signal that lead to rising in the share price.
Musk told Clubhouse discussion, “Occasionally I make jokes about Dogecoin but they are really just meant to be jokes.”
Also Read, About MarsCoin — Already Listed Or To Be Launched?
Cryptocurrency ever since its beginning in 2009 with Bitcoin has grown to have over 5000 cryptocurrencies with each crypto having its own goals, functions and use-cases. Despite all the risks it involves, it’s still gaining mass popularity and adoption and that’s not just amongst the people but also adoption but large companies like MasterCard, Wikipedia, AT&T, Microsoft, Overstock and many such more. Cryptocurrency in a way has revolutionized the payment system and has gained a place as an investment approach. Surprisingly, even cryptocurrency such as the Dogecoin which started as a joke is now in the league.
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