Dogecoin’s Frenzy: Elon Musk, the “Dogefather” Living up to His Name

Dogecoin’s Frenzy: Elon Musk, the “Dogefather” Living up to His Name

The first time Elon Musk tweeted about Dogecoin was in April 2, 2019. He was replying to a tweet when he opined that Dogecoin might his favorite cryptocurrency: “Dogecoin might be my fav cryptocurrency. It’s pretty cool,” he tweeted.

His tweet triggered a “Dogecoin CEO” poll that had 3,581 votes. Musk won with 49% of the vote.

In July 17, 2020, Musk shared a meme of Dogecoin passing the global financial system saying, “It’s inevitable.” Ever since then, the Tesla and SpaceX CEO unofficially became the leader of Dogecoin, spurring the meme cryptocurrency to unprecedented growth one tweet at a time.

Dogecoin traded at $0.002552 on April 2 when Musk made his first tweet. As of Sunday May 9, Dogecoin was trading at $0.55, recording over 26,000% increase in six months and hanging around $70 billion in market capitalization. Musk has given himself the title; “Dogefather” and everyone is supporting it.

On Saturday, Musk made his “Saturday Night Live” debut. It came with a lot of Dogecoin emotionalism as investors hoped that the event will shoot the coin to $1. It was dangling around $.70 before Musk got on the SNL business, and his statement sent it crashing. Dogecoin fell as much as 29.5%, dropping to 49 cents at one point after Musk called it “a hustle”, and joked that he would gift it to his mother, who made SNL Mother’s Day guest appearance, as her Mother’s Day present.

Musk’s words has had impacts on stocks, moving them up or down according to the weight of his statement. Musk had used memes to promote crypotocurrencies, Dogecoin and bitcoin. But Dogecoin is the biggest beneficiary, rising significantly with each meme he tweeted in its respect. The famous “dog barking at the moon” meme he tweeted in April 14, was one of the biggest boosts Dogecoin has received.

The future of Dogecoin, which was created in 2013 as a joke, appears to be lying solely on Elon Musk’s hands, and he seems to have plans for it. He once touted Dogecoin as the future cryptocurrency and in another occasion, admitted, while replying a tweet, that it is his way of helping people financially in the pandemic.

Musk announced that SpaceX is launching satellite Doge-1 to the moon next year, the company will be accepting the meme-inspired cryptocurrency as full payment for the lunar payload in the second quarter of 2022.

Musk previously announced the company’s plans, albeit in a tweet on April Fool’s Day. “SpaceX is going to put a literal Dogecoin on the literal moon,” he wrote.

With him singlehandedly spearheading Dogecoin’s growth, Musk is living up to his self-acclaimed “dogefather” name, and thousands of people are living off it.

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