Dogecoin is a silver lining for those looking for easy money. People have started investing in Dogecoin, the fourth-most valuable cryptocurrency with a market value of $73 billion. It is ruling the market and now has become a household name thanks to several of Tesla CEO Elon Musk’s tweets.
It is a cryptocurrency platform like bitcoin, a digital currency that can be bought and sold like an investment and can be used as money. It is changing the future of payments. The return rate of Dogecoin is 1000 and it is backed by ‘The Father of Dogecoin’ Elon Musk and Mark Cuban. Celebrities like Snoop Dogg, Gene Simmons and Guy Fieri have also boarded the profit caravan.
How did it start?
Dogecoin was started as a joke in 2013 and has surged more than 800 per cent over the last month. It was started by the software engineers: Billy Markus and Jackson Palmer. Dogecoin features the face of Shibu Inu dog, the famous Dog meme.
It rose to fame with 6000 per cent after Elon Musk tweeted “Doge Barking at the moon” in April and since then Musk has been called the Father of Dogecoin. Doge Memes were also the reasons behind its success.
Dogecoin soared high after Elon Musk announced sending a mini satellite on a moon voyage in 2022 carrying the so-called CubeSat for space research from Geometric Energy Corp. It has been paid entirely in Dogecoin. On the other hand, Musk owns more than $5 billion in bitcoin.
Father Betrayed Dogecoin?
Since then Dogecoin has enjoyed its days in the sun until Musk’s comments on the American Comedy Show ‘Saturday Night Live’ where he jokingly called himself Dogefather and described Dogecoin as a ‘hustle’. He also said ‘It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world’.
Elon Musk was hosting SNL and during a monologue was joined by his mother Maye Musk who asked him what he got her for Mother’s Day. She further says, “I just hope it’s not dogecoin!” to which Elon Musk responded, “It is, it sure is.”
Since then Dogecoin has dropped 50 per cent with financers taking the exit gate to save themselves from the sinking ship.
Maybe Elon didn’t understand that his jokes will be taken seriously like the time when he named his son X AE A-XII, which is still a topic of a joke.
He has a dry sense of humour and in the past has tweeted Cryptocurrencies are “Promising, but please invest with caution.” He has also called ‘Dogecoin is the people’s currency.
My Opinion:
The popularity of Dogecoin has surpassed Bitcoin and has become famous worldwide. In India, over 7 million people have invested in dogecoins, while the RBI initially prohibited it, the ban was lifted following a Supreme Court decision.
India, on the other hand, is working on a bill that would outlaw digital money and fine anyone who owns digital assets.
Dogecoin, in my opinion, is the currency of the future. The sooner we accept and learn from its benefits, the better. Now is the perfect time to invest.