What is Dogecoin?
Dogecoin is an open-source cryptocurrency forked from Litecoin in December 2013. It is based on a popular internet meme “doge” and features a dog of the Shiba Inu breed in its logo. Its creators marketed it as a fun-lighthearted currency and hoped it would appeal to a wider demographic, beyond the core Bitcoin fans as it was based on a meme.
It is mostly used as a tipping system – for quality content, in online communities as in Twitter and Reddit or any other communities which accepts it. One can get dogecoin through such tipping system or through the dogecoin faucet website, which offers a small amount of free dogecoins as an introductory offer, that can be used in dogecoin supported communities.
The Main Story
It all started last year.
In a podcast interview with investment firm ARK Invest, On Feb 19, shared his thoughts on cryptocurrency, among other things.
To that end, Musk said he believes bitcoin’s structure “is quite brilliant,” adding:
“It [cryptocurrency] bypasses currency controls. … Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”Musk said
About a month after this, Dogecoin’s twitter handle put the following tweet: –
Later, musk responded by tweeting: –
In a response, Dogecoin’s twitter account posted: –
Jackson Palmer, the creator of Dogecoin parodied Elon musk’s tweet with:-
“Am considering selling http://Dogecoin.com for $4.20B. Funding (not yet) secured.”
4.20 being a reference to the pot-smoking culture and also a reference to musk’s earlier tweet saying he’d take Tesla private at $420 per share, back in 2018.
Thereafter, Musk changed his Twitter bio to “CEO of Dogecoin”.
On December 20th this year, Musk started with the following tweets: –
He then went on trolling Bitcoin and left the tweet: –
He then started mentioning another crypto-
The value of Dogecoin then surged about 20% around 2 hours after that.
This added about $100 million to Dogecoin’s market capitalization and pushed it to $588 million. Musk then changed his Twitter bio to “Former CEO of Dogecoin“.
He ended the Tweeting spree with: –
Earlier, in July this year, Dogecoin rose nearly 2000% after videos on Tik-Tok encouraged users to invest.