Elon Musk Is At It Again
In a recent series of tweets, Musk expressed his enthusiasm over the prank currency, stating that, “dogs rock” and “they have the best coin.” Clearly, he sees something in Dogecoin that many others do not, but is he being serious?
This isn’t the first time Elon Musk has potentially tied himself to the world’s “funniest” cryptocurrency. Invented in 2013 by a then 26-year-old Australian entrepreneur and programmer named Jackson Palmer, Dogecoin came about following a series of jokes about potential bitcoin rivals on Twitter. Dogecoin ultimately came to fruition after its longtime mascot – a cute little Shiba Inu (a dog) – was chosen.
From there, Dogecoin has garnered a crypto market cap of more than $300 million, which Palmer likely wasn’t expecting, and it still stands as one of the most hardcore competitors to bitcoin.
Last April, Musk shocked the world when he spewed out a separate series of tweets praising the currency, even calling it his “favorite” digital token. It was later announced that the founder of both SpaceX and Tesla would serve as the new chief executive of the coin, tantalizing the imaginations of crypto traders everywhere.
However, this later turned out to be untrue, and Musk has seemingly integrated his way into the heads of every crypto enthusiast ever since with his strange, sometimes exotic words regarding crypto. This includes a lone tweet from a few months ago which read, “Bitcoin is not my safe word.” It’s unlikely anyone has ever understood what Musk meant by that statement.
He has also commented in recent weeks that he is neither “here nor there” on bitcoin, claiming that while he views it as a valid financial tool of the future, he doesn’t see it holding a prominent place alongside cash or credit cards. He also expressed concern regarding how often it’s used in illicit transactions.
Musk isn’t the only “questionable” supporter of Dogecoin. The currency has also garnered the attention of antivirus software mogul John McAfee, who now calls Cuba his home following an extended fight with the Internal Revenue Service (IRS) over income tax. McAfee has stated that Dogecoin is one of the “fastest growing” cryptocurrencies given how many users claim to own it.
Coins Only Go Up If You Use Them
Doge started life as a joke/ prank coin. The coin now has a market cap of $360 million. The crypto market is, in no way, related to the stock market. Inherent value is, ultimately, based on usage. Go figure.
At press time, Dogecoin is up about 30 percent from where it stood during this time last year.