Elon Musk is back. Almost weeks after Musk made a direct comment about the cryptocurrency and its future, the “Musk effect” still works, especially with the head of Tesla and SpaceX’s favorite cryptocurrency, Dogecoin. Dogecoin started out as a joke. In early 2021, however, it seems that the joke activated those who didn’t take the meme cryptocurrency seriously. Cryptocurrency meme Elon Musk would not stop tweeting about mid-April, reaching an all-time high, crossing 10 cents for the first time. his is the highest in the cryptocurrency, and the result of a semi-ironic move that has involved thousands of shoppers, tens of thousands of online posters, and the world’s richest man, Elon Musk. In early January, each witness was worth less than a penny. In late January, when both GameStop and DogeCoin moves hit their paces, DogeCoin’s value rose to 7.5 cents, well above a 10-point increase, before dropping to 2, 5 cents.
Although Musk has stopped constantly tweeting about the cryptocurrency (which has also had a lot of backlash for people who blame Musk for investing their money in it, only to see it no longer increase) in late June, he share that he would get a Shiba Inu pet soon, and announced the name of 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 recorded a change of + 0.36% in the last 24 hours, with an increase in value, coinciding with the same time that Musk posted the tweet at 3:50 AM (GMT + 5:30).
Dogecoin was not the only cryptocurrency to jump: Baby Doge Coin, a derivation of Dogecoin, also recorded + 1.80% in the last 24 hours according to CoinMarketCap. Baby Doge is described as having learned some tricks and lessons from his meme father, Doge Coin. A Born by fans of the doge community. Baby Doge seeks to impress his father by showing off his new improved transaction speeds and adorability. It’s hyper-deflationary with a built-in smart play system, so more babies are added to your wallet. Just love, caress and watch your doge baby grow.
This is not the first time Musk has “accidentally” led to rising cryptocurrency prices. It’s not even the second or third time. Every time Musk mentions the cryptocurrency, there is an increase (often after a possible fall) in the prices of the cryptocurrency. Dogecoin, like Bitcoin, is a digital currency that is used for electronic transactions. Doge is a reference to the “doge” meme and has an image of the shiba inu. It is a cryptocurrency, a form of digital money that, similar to bitcoin, allows peer-to-peer transactions through a decentralized network.
Since its inception, Doge has also been used to donate money to charities. These have included the 2014 Jamaican Bobsled team who couldn’t afford to get to the Sochi Winter Olympics, a Nascar rider named Josh Wise and a clean water project in Kenya called Doge4Water.
At the height 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 the Doge. He bought the domain Dogecoin.com and hung a Shibe with photoshop on a coin.
“If you want Dogecoin to be a reality, get in touch,” the website said. Across the world, Billy Markus, an IBM software engineer, got in touch and put Dogecoin live. Dogecoin rose more than 60% in the last 24 hours and experienced a 1.421% increase in trading volume according to cryptographic data firm CoinMarketCap.
The maximum price of Dogecoin in 2018 was about two cents, just before it fell along with the rest of the cryptocurrencies. Reports suggest that by early 2019, Dogecoin had lost almost 90% of its value and was trading for a fraction of a penny by 2021.
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