Dogecoin: The Story Behind The Elon Musk Supported Cryptocurrency

By Author: Elisa Wilson
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We’ve started with the barter system and slowly moved towards metal money, then plastic money, and now cryptocurrency, which is the hot topic of recent times. With the big name in Digital space and astronomy, Elon Musk, the investor in Dogecoin, is creating a buzz for Dogecoin.

The so-called DOGE-1 Mission will be the first commercial Moon mission in history, which is paid entirely with Dogecoin, as per the statement from Geometric. The (88 pounds) CubeSat will launch aboard a SpaceX Falcon 9 rocket. The company didn’t specify the amount of Dogecoin involved in the transaction with SpaceX. There was no response to questions emailed after-hours. Elon Musk is working with NASA on several projects, the level of innovation and technology which he achieved after initial failures is a story which everyone knows, and if he is aiming something then it is clear that he is confident about the future of cryptocurrency.

Cryptocurrency is maturing, a bill passed backed by crypto lobbyists which can create a working group to examine frameworks for regulating digital assets.

Quick Facts and Figure

In ...
... July 2020, Dogecoin’s price spiked by following a TikTok trend which aims to get the coin’s price to $1.

On May 4, 2021, the value of Dogecoin surpassed the symbolic hurdle of $0.50, which is a more than 20,000% increase in a year.

On May 8, 2021, with the appearance of Elon Musk on Saturday Night Live, Dogecoin gets hype. Dogecoin dropped firstly 34% from $.711 in the show’s opening, and after that to below $.470, after 45 minutes. By the following day, Dogecoin hit a low of $0.401, a cumulative drop of 43.6%, and lost $35 billion in value.

On May 9, 2021, SpaceX announced an entire Dogecoin-funded mission to the Moon.

DOGE-1 will be a minor 40kg rideshare payload on Intuitive Machines’ IM-1 mission in Q1 2022.

Dogecoin is currently worth $80 billion, which tells why big names like Elon Musk are investing.

Who invented Dogecoin?

Dogecoin was the brainchild of IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer, who want to make a peer-to-peer digital currency that could reach a more significant demographic than Bitcoin.

In addition, they don’t want to indulge in the past controversial history of Dogecoin and tried to make Dogecoin uncontroversial, which is not possible in the world of hacking. We are going to tell you why and what made Dogecoin controversial like other cryptocurrencies. December 6, 2013, Dogecoin was officially launched, and within 30 days, a million visitors reached Dogecoin.com and made it a huge success.

Palmer made the idea a reality. He was a member of the Adobe Systems marketing department in Sydney. Palmer purchased the domain Dogecoin.com and added a splash screen featuring the coin’s logo and scattered Comic Sans text. Markus met Palmer after seeing the site, and the currency development began. Markus designed Dogecoin’s protocol based on existing cryptocurrencies Luckycoin and Litecoin, which uses script technology.

Dogecoin jumped nearly 300 percent in value within 72 hours, on December 19, 2013, rising from US$0.00026 to $0.00095, with a whooping volume of billions of Dogecoins daily.

The Growth Story

The growth story has a Chinese angle also. When bitcoin and many other cryptocurrencies were reeling from China’s decision to forbid Chinese banks from investing in the bitcoin economy, the growth occurs.

After three days, Dogecoin crashed by 80% due to this event and to large mining pools exploiting the small amount of computing power required at the time to mine Dogecoin.

In December 2013, the first major theft of Dogecoin occurred millions of coins went stolen during a hack on the online crypto wallet Dogewallet.

The Dogecoin community made an initiative named “SaveDogemas” to help donate coins to those who had them stolen. After one month, the money recovered with the donation.

In January 2014, Dogecoin’s trade value surpasses Bitcoin and all other crypto-currencies combined, while its market capitalization remained substantially behind that of Bitcoin.

Jackson Palmer announces to take an “extended leave of absence” from the cryptocurrency community In April 2015, which is a sudden decision.

In July 2020, the Dogecoin price spiked following a TikTok trend to get the coin’s price to $1.

Dogecoin went up over 800% in 24 hours, attaining a price of $0.07 due to Reddit users’ attention, partially encouraged by Elon Musk and the GameStop short squeeze. In February 2021, Dogecoin hits a new high value of $0.08 following Twitter encouragement from Musk, Snoop Dogg, and Gene Simmons.

The ticket story

When Dallas Maverick’s owner Mark Cuban came into the picture on March 2021 and announced purchasing tickets and products with Dogecoin, and after two days with the declaration of his franchise becoming the top Dogecoin Merchant, which carried out 20,000 transactions, the time strap of Dogecoin became more valuable.

The rise and fall

In April 2021, Dogecoin and other cryptocurrencies surged, stimulated in part by the direct listing for cryptocurrency exchange Coinbase on April 14, although that platform did not provide trading of Dogecoin. Its price first reached $0.10 on April 14 before hitting a new high of $0.45 on April 16 (up 400% that week), with a volume of nearly $70 billion traded in the preceding 24 hours. Dogecoin’s market capitalization approached $50 billion at the time, making it the fifth-highest-valued cryptocurrency; its value had increased more than 7,000% year-to-date.

The rising interest in Dogecoin contributed to an outage in the electronic trading platform Robinhood’s cryptocurrency system on April 15, caused by “unprecedented demand” and prompted concerns from experts of a nearing speculative bubble in the cryptocurrency market.

The story of Dogecoin and Elon Musk tells that if investors are investing and suddenly a prominent investor came the market of cryptocurrency flourish, the theft part and downfall maybe be seen in the future as earlier the price of Dogecoin went down when Elon tweeted and called it “a hustle”

Hi There! I am Elisa Wilson, and professionally, I work as a technical writer at a digital marketing company based in Ohio, and I have twelve years of experience in writing about OTT platforms. While writing an article or a blog, I try to embed knowledge and engagement, and I try to make people learn in a short, concise, and fun way. You can refer to this link: Roku.com/link.

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