Elon Musk’s favorite cryptocurrency is dogecoin (DOGE), which began as an internet joke.
Dogecoin is a cryptocurrency that was founded as a joke by software programmers Billy Markus and Jackson Palmer, who wanted to make fun of the rampant cryptocurrency speculation of the time. Despite its satirical nature, some consider it a legitimate investment prospect.
Origins of the Dogecoin & Its Evolution
The aftermath from the GameStop controversy in March 2021 can be traced in part to Dogecoin’s (DOGE) stratospheric surge.
Individual retail traders that supported GameStop’s ascent have shifted their focus to funny cryptocurrencies. Elon Musk’s regular tweets in favour of the Dogecoin (DOGE) helped it gain respectability.
As of May 2021, the market capitalization of dogecoin was $92 billion, which is more than three-quarters of the S&P 500 firms.
Dogecoin, for example, is now traded and mined by a number of companies (DOGE).
The “meme economy” has created its own lexicon.
It contains terms like NFTs (unique digital assets) and stonks (stocks) that you hodl (keep) in the hopes of reaching the moon (benefiting from a rapid and enduring price increase).
It’s all part of the joke, demonstrating that investors, not only memes, want to have fun and make money during the pandemic.
The meme economy is just getting started, with trading becoming more affordable and accessible than ever before, and billionaires leveraging their social media platforms to promote their favorite stocks and cryptocurrencies.
Some investors may even reach the moon, while others may lose everything they own. It’s vital to note that a number of people have lost their whole life savings by speculating on cryptocurrencies.
The Future of Dogecoin and Emergence of the Shiba Inu Coin
Dogecoin’s reputation has been altered thanks to Elon Musk. It’s no longer seen as a prank. Because of the crypto market’s volatility, the coin will almost surely hit $1.
The TESLA CEO appeared on Saturday Night Live in May 2021, which was Dogecoin’s (DOGE) big moment (SNL).
Traders and watchers speculated in the weeks leading up to the event whether Elon Musk would mention Dogecoin on the show.
The debate raised awareness of the coin and prompted interest from prominent figures such as billionaire Mark Cuban.
Musk’s performance on Saturday Night Live disappointed some crypto traders when he jokingly referred to the Dogecoin as a “hustle,” causing its value to plummet by 30%. The Shiba coin (SHIB) seems to be capitalizing on the Saturday Night Live excitement.
Binance placed SHIB on its platform two days after Musk’s speech, and the price of SHIB doubled. The value of the shiba inu-themed coins known as SHIB has risen in recent days, thanks in part to their link to the more well-known canine cryptocurrency, dogecoin.
Even if Elon Musk’s hosting duties didn’t immediately benefit Dogecoin (DOGE), his appearance and the weeks building up to it drew millions of people’s attention to cryptocurrencies.
The craze for meme coins like Shiba (SHIB) and Dogecoin (DOGE) is a social phenomena rather than a financial one.
In an effort to sponsor NASCAR Sprint Cup Series driver Josh Wise, the Dogecoin community contributed 67.8 million Dogecoins (about $55,000 at the time). The No. 98 car, dubbed the “Moonrocket”, was driven by Wise for the Aaron’s 499 at Talladega Superspeedway and sported a Dogecoin/Reddit-sponsored paint scheme.  While finishing twentieth and narrowly escaping many collisions, Wise and the car were featured for over a minute, during which race commentators discussed Dogecoin and the crowdfunding campaign.
On May 16, Wise defeated Danica Patrick in an online fan poll to win a berth in the Sprint All-Star Race, thanks primarily to the efforts of the Dogecoin Reddit community. He came in fifteenth place, the last car on the track.
Wise unveiled a Dogecoin/Reddit.com helmet at the Coca-Cola 600 the next race. As a thank-you gift to the community, Wise declared that he would race the car again in the Toyota/Save Mart 350 and the GEICO 500. [requires citation] He finished twenty-eighth in the race due to a refueling issue; he was in twelfth place following a gas-and-go pit stop, but the gas can did not engage long enough, forcing him to make a second pit stop, which sent him to the rear of the field. The Dogecoin car was added as a drivable car in a DLC pack for the NASCAR ’14 video game by Eutechnyx.
Disclaimer: The information in this post is for educational purposes only; you should not construe any of it as legal, tax, investment, financial, or other advice. Seek investing advice from a properly licensed specialist.