Will Elon Musk celebrate Dogecoin’s 11th anniversary on Friday, December 6th with an enthusiastic message for the social media platform he has owned since 2022? If he does so, there is a good chance that the CEOs of Tesla and SpaceX will trigger the cryptocurrency’s price to rise further, with Donald Trump’s victory in the November 5 presidential election. The total amount reached more than $66 billion.
Although it is now one of the top 10 crypto assets in the world, it is still a long way from Bitcoin’s $2 trillion worth, but when Dogecoin was created in 2013, it had few advantages. At the time, its creators Billy Marcus, an engineer at IBM, and Jackson, a marketing expert at software company Adobe, said that Palmer, a marketing expert for the software company Adobe, was promoting cryptocurrencies in general and Bitcoin in particular. It had no ambition other than to parody . “For the People” was easy to use.
This simplicity has become one of Dogecoin’s strengths, as it is famous for its ease and speed of transactions, making it a popular means of rewarding online content creators, especially since its transaction fees are lower than Bitcoin.
For Marcus and Palmer, innovation is not a priority. On the contrary, they have focused on Dogecoin’s image and adopted the female Shiba Inu Kabosu as its symbol. The photo, posted online by its Japanese owner showing the cat with its paws crossed and an expressive mouth, has sparked multiple reuses, or memes, on the internet.
Supported by Elon Musk
For the first few years, Dogecoin was content with its status as a meme coin, an object of entertainment for the still-developing crypto community, and its financial performance remained modest. The founders themselves quickly exited the venture, with Marcus leaving in 2014 and Palmer leaving in 2015.
But things changed in 2019. Musk, who co-founded payment processing company PayPal before joining Tesla’s executive team, has long been interested in cryptocurrencies, and in the same year picked up Dogecoin, saying it could become his “favorite cryptocurrency.” I wrote on Twitter that I have sex.
It was the beginning of a long series of supportive remarks, positive comments, and Shiba Inu references that had a noticeable impact on prices. In 2022, German economist Lennart Ante calculated that Musk’s positive tweets led to an average stock price increase of 6.33%. dogecoin price within 1 hour of posting.
But Musk’s love affair with Dogecoin has not been without its setbacks. Decked out in a bow tie and thick glasses, the billionaire played the role of an imposter as a guest on the NBC comedy show “Saturday Night Live” on May 8, 2021. A sketched financial expert mocking the cryptocurrency craze. When asked about Dogecoin, he replied, “It’s a hustle.” Dogecoin’s price plummeted by almost 40% in a matter of hours.
This article still has 46.41% left. The rest are exclusive to subscribers.
