No out of the box ideas, no innovation… Just a tweet from Elon Musk is enough to change the fate of your business. Dogecoin-the most ridiculous cryptocurrency is worth $6 billion now. And the ridiculous title was given by the Dogecoin founder himself.
Investors completely forgot Dogecoin- a cryptocurrency founded in 2013 as a joke. Recently, it came back strongly. How? Well, it became possible after a flurry of tweets from the business giant-Elon Musk. Thanks to Musk, Dogecoin has a current valuation of $6 billion now. Because of his ability to change the fate of a business with his single tweet, Redditers gave the title of “Papa Musk” to Tesla CEO.
Beginning of Dogecoin as The Worst CryptoCurrency
Dogecoin was designed with no objective. Dogecoin holders can not buy much with it. Converting Dogecoin to cash is also very difficult. This cryptocurrency was of no use for most of its life. It was just a joke nothing else.
The name ‘Dogecoin’ came from the decade-old internet meme. The meme centered around an image of a Shiba Inu dog with bad spelling habits (thus doge instead of dog). Users Photoshopped the dog’s furry face onto everything from astronauts to Twinkies.
After looking at bitcoin popularity, software developer Billy Markus thought to create his own cryptocurrency. He worked on a code for 3 hours and Dogecoin was ready. Initially, he used it in a video game, Animal Crossing. Bells was the name given to this cryptocurrency within the video game.
Bells were so badly designed that most of the people hated it. Later, another software developer Jackson Palmer shared a new cryptocurrency idea based on the doge meme. Markus reconfigured his code of Bells again.
In the earlier days, mathematical puzzle solvers used to get hundreds of thousands of dogecoin for their right attempt. After so many years of darkness, Dogecoin suddenly became popular. How? Well, Elon Musk.. The name is enough. He tweeted a faux Dogue magazine cover.
How a Ridiculous Dogecoin Became so Popular?
Dogecoin became a hot topic of discussion on WallStreetBets, Reddit Forum. In the last days of January month, Dogecoin value saw an exponential surge from half a cent to 8 cents.
Here comes the tweet of Papa Musk again. On Thursday, He tweeted,” no highs, no lows, only Doge”. This tweet helped Dogecoin in an intraday growth of 80%. In his further discussions, Elon Musk called Dogecoin- the future of cryptocurrency.
Do you remember how Signal platform saw a flood of users on its platform after Elon Musk’s tweet? Yes, the same happened with Dogecoin as well. The volunteers who were handling the Dogecoin network, could not handle the buyers on the Dogecoin platform. Like Signal, these volunteers also bought extra servers to handle the users.
Markus, the founder of Dogecoin, could not believe how the cryptocurrency became a billion-dollar affair from a most hated currency. Markus left the Dogecoin long back.
Investors can buy Dogecoin with a credit card on the cryptocurrency exchange platforms like Robinhood.
A chef from the UK never heard about Dogecoin but when he saw a tweet of Musk, he suddenly became interested in Dogecoin. That’s the impact of Musk’s tweet.
A group of buyers from the Reddit forum has decided to shoot the Dogecoin value to $1. Theoretically, it looks impossible. But with a spike in GameStop share recently, anything is possible.
Suddenly, People are changing their stand on Dogecoin. Angelicah Shaver who runs a youtube channel related to cryptocurrency analysis talked badly about it for a long time. Even she described Dogecoin as an insult to the tech community. Now, guess what, she herself holds Dogecoins of $1000 value. She bought these Dogecoins before the price shoot up.