CEO of Tesla, Elon Musk is a very well-known name in the cryptocurrency market as well as all over the world since he is the richest man alive. The weight of his popularity is such that his one tweet has the capability to soar the price of a cryptocurrency to an extensive level. Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the time. Despite its satirical nature, some consider it a legitimate investment prospect. Dogecoin features the face of the Shiba Inu dog from the "Doge" meme as its logo and namesake. It was introduced on December 6, 2013, and quickly developed its own online community, reaching a market capitalization of over $85 billion on May 5, 2021.
On February 4, Elon Musk tweeted just a photo of the SpaceX rocket with the Moon in the background, he soon followed it with one word "Doge", as Dogecoin price literally shot up on 'To the Moon', as it surged 44% after the tweets, Market Watch reported. Data from Cointelegraph Markets and TradingView showed DOGE/USD rebound past $0.05 per token, edging towards new all-time highs.
In the same month, shortly after his first tweets and Dogecoin's initial pump, Musk then tweeted an image of the iconic scene from The Lion King where Rafiki holds up a young Simba but swapped his face to show him holding up a young Dogecoin. He added, "ur welcome." As he went overwhelmed with his Doge advocacy, many shared memes and jokes about Musk's love affair with the meme coin company, and hashtag #ThanksElon also began to trend in the United States and 'Doge' dominated Twitter trends worldwide. The digital currency touched as high as $0.0579, although this was some way from the all-time high of $0.0792 reached in January.
On April 15, Elon Musk said: "Doge Barking at the moon" in a tweet. He also shared a photo of a painting by Spanish artist Joan Miró, which is titled "Dog Barking at the Moon."
On May 8, Musk was set to be hosting Saturday Night Live and it was set to be a potentially market-moving event for his favorite cryptocurrency, Dogecoin. He tweeted an image with himself and two SNL guest stars The Kid Laroi and Miley Cyrus along with a photoshopped image of Shibu Ina, the famous dogecoin mascot. However, things took an ugly turn when he called dogecoin a 'hustle'. According to the report of Times of India, when a cast member of SNL asked him what is dogecoin, he replied by saying that it is the future of currency and it would take over the world. When the interviewer asked, "So, it's a hustle?", Musk replied with a laugh "yeah, it's a hustle". The joke however led to a 36 percent downfall of the price of Dogecoin from before the event.
Recently, on September 13, Musk tweeted an image of his new pet Shiba Inu with the name Floki. Following Musk's tweet, Dogecoin recorded a +0.36% change in the last 24 hours, with the rise in value, coinciding with the same time Musk posted the tweet 3:50 AM (GMT +5:30).
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