What started as a joke, based on an internet meme in 2013 brought forth by co-creators Mr. Markus and Jackson Palmer, has now come to ‘“take over in a very real way” as the official Chief of the Dogecoin Community announced this past weekend on Saturday Night Live.
For those of you that have not necessarily been following cryptocurrency trends closely, Dogecoin’s recent success may be a little mind-boggling.
Elon Musk explained that Dogecoin consists of a “circulating supply of 117 billion coins, 113 billion of which have already been mined.”
Seriously Though…What Is Dogecoin?
A satirical homage to Bitcoin, meet Dogecoin. The now very popular cryptocurrency is named after an internet meme. Which one do you ask? The ever-so-famous Shiba Inu dog, memes, ya know the one that can’t spell very well?
All Jokes Aside…Well, Sort Of 🤔
Doge correspondent, Alex Hern explains;
“Dogecoin is a Bitcoin “fork”, a project based on the same source code as the original crypto-currency. But a combination of enthusiastic promotors, a good sense of humor, and a healthy dose of luck have meant that it’s achieved real-world value…Now, that may not sound like much, but it means that establishments can sell real goods for the fictional currency.”
So, now that you know the origins of the Shiba inspired meme coin, and have a general understanding of what Dogecoin is, you might be wondering where Elon Musk comes in? That’s easy.
So One Day On Twitter….
You guessed it! Genius, TESLA founder and Twitter personality Elon Musk famously took to his favorite social media platform in January of 2021, sharing this…
This day, January 28, 2021 would mark the beginning of the Elon’s public interest in Dogecoin but of course, the fun would not stop there. Elon will go on to Tweet often about the internet’s favorite alt coin.
“The Lion King,” with the Shiba Inu dog superimposed on Simba’s face. The meme was another popular favorite, drawing more attention to the elusive Dogecoin.
Elon continued to fuel the Dogecoin hype, tweeting; “Who let the Doge out,” followed by “No highs, no lows, only Doge.” and others. Elon’s memetastic enthusiasm has been the driving force behind the massive highs (and subsequently, lows) in the journey of the Doge.
The State Of Dogecoin Today…
Leading up to Elon’s much anticipated Saturday Night Live Performance Dogecoin reached record numbers of nearly $0.75. Now, just days later, Dogecoin is worth just under $0.50 and on a downward trend. Perhaps Elon intended to heed warning of this possibility when he shared this interesting Tweet before his SNL debut;
What’s Next For Dogecoin?
Well, there’s good news! Even after the epic dip Doge took, following Elon’s SNL debut headlines gleamed, still in favor of the comedy coin, boasting- ‘SpaceX will launch a satellite called Doge-1 on a mission paid for with Dogecoin’ news!
For now, we wait for the hype to calm down to get a better read on the future of Dogecoin aside from Doge-1 news. Previously predicted to have reached $1.00 by weekend’s end, Doge now sits, unpredictably at half that value.
Ethereum on the other hand has much surpassed Doge, having soared 465% so far, just this year. But wait, there’s more, Ethereum has made serious gains and is up more than 30% just in this past week!
All that media hype may have gotten to Dogecoin and other altcoins, which seemed to take a hit over the weekend, but not Ethereum, this one is here to stay.
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SOURCE(S)
https://www.cnn.com/2021/05/10/investing/ethereum-dogecoin-cryptocurrencies/index.html
