Dogecoin may sound like an unusual name for a cryptocurrency; well, it did start as a joke. Software engineers Billy Markus and Jackson Palmer created it as a joke, taking a dig at the hype around cryptocurrency in 2013. Now it seems they may be laughing all the way to the bank.

Musk has been a supporter of transitioning cryptocurrencies into the traditional financial market for years. But when it comes to his favourite cryptocurrency, it has always been dogecoin.

Elon Musk, a visionary business magnate, has the power to send the markets into overdrive,  not only with his business decisions but also with his tweets, just like his tweet on Dogecoin in May 2021.  Dogecoin jumped from $0.29  to 0.$0.40 after he tweeted a question, ” How much is that Doge in the window?.” The question accompanied a blue-tinted picture of a dollar bill with the now-famous Shibu Inu’s face. 

Dogecoin, a meme-inspired cryptocurrency, draws its inspiration from the Shibu Inu dog. This just-for-fun currency was not taken seriously till 2018, when it touched a market cap of $2 billion, briefly, during the surge witnessed by the cryptocurrencies. 

Elon Musk’s several tweets on Dogecoin in recent times have made this cryptocurrency much more famous than the surge in 2018 did. 

In the past also Musk has tweeted about Dogecoin, often intriguing his followers and crypto buffs.  Musk first tweeted about Dogecoin in 2019; he posted a meme of a Shibu Inu with a cigarette in its mouth and wrote “Dogecoin rulz.”

During the course of years, he has made several tweets about Dogecoin. Once he tweeted that he had bought some Dogecoins for his younger son nicknamed X; another time, he asked his followers if they recommended Tesla, ‘accept Doge.’

In February 2021, Musk shared a Lion King-inspired meme where he is introducing Dogecoin to the world. This tweet shared before the SNL show led to a spike in the Doge price owing to the speculation that he might make some important announcement about the cryptocurrency during the show. However, the price fell by 40% when he called coin trading “a hustle” during the show. 

Musk’s relationship with this cryptocurrency can be summed up by one of his tweets “”Yeah, I haven’t & won’t sell any Doge.”

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Arthur Sweat

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