Dogecoin, a digital coin originally founded as a joke, has soared over 800% after a Reddit board talked about making it the cryptocurrency equivalent of GameStop. Dogecoin was created in 2013 based on the popular “doge” meme at the time which involved a Shiba Inu dog. Doge’s resurgence in the last one month has been due to enthusiasm from a Reddit group called SatoshiStreetBets. And, Elon Musk tweeted out a picture of a magazine cover of “Dogue” — a play on the popular fashion title “Vogue.” The post showed a picture of a dog, which some Reddit users took as the billionaire supporting the rally.
Elon Musk, the Tesla founder who previously tweeted about stocks before and sent them rising, has tweeted about Dogecoin in the past and indicated in April 2019, that it was his “fav cryptocurrency”. This is not the first time Elon Musk has expressed his interest in the digital currency, Tesla CEO has engaged in similar banter before. In December 2020, he spread the word about the cryptocurrency, tweeting: “One word: Doge.”
One word: Doge
— Elon Musk (@elonmusk) December 20, 2020
He even temporarily updated his Twitter bio to read: “Former CEO of Dogecoin.” Months before, Musk tweeted another image of dogecoin, sending the price up 14%.
In late January, he tweeted out a picture of a magazine cover of “Dogue” a play on the popular fashion title “Vogue.” Many users on Twitter and Reddit took that to mean Musk was throwing his support behind the doge rally. The virtual currency, which originally started as an internet parody based on a viral dog meme, has skyrocketed 373% in the last one month, according to Coinbase. At one point, it was up 613%. On February 15, Musk said the problem was the accumulation of dogecoin within a few investors. Musk once said he was trying to help Dogecoin become the “currency of the internet”. As per Coinmarketcap, Dogecoin ranks at 12th place with a market cap of $7,571,585,721 USD.
Pavel Mateev, CEO of crypto card company Wirex told Insider “It’s only gained popularity recently due to the bull run that’s taken place across the crypto sector (namely ETH and BTC), creating hype and a sense of FOMO amongst mainstream investors”. Some Crypto analysts have cautioned that dogecoin, known as “dōj-coin,” has little functionality relative to other decentralized cryptographic assets, like bitcoin.
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— Fyggex (@fyggexchange) August 12, 2020
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