Exploring Elon Musk's love affair with Dogecoin
Elon Musk's love for Dogecoin is not a secret. The billionaire loves the cryptocurrency so much that he replaced Twitter's bird logo with the 'doge' of Dogecoin. If you visit Twitter's web version, you will see the doge image on top of the home button. This is a testament to Musk's love for Dogecoin, which was launched to mock other cryptocurrencies.
Why does this story matter?
Dogecoin is the result of two of the biggest phenomena of 2013: Bitcoin and the doge meme. The doge meme featured the Shiba Inu dog with thought bubbles spouting out of it. Musk has always shown his love for the coin. The crypto's market value jumps whenever he does that. Many have called it market manipulation, but Musk has maintained that it's all fun.
Musk didn't take notice of Dogecoin until 2019
Dogecoin was launched in 2013. Musk wasn't a superfan of the coin from its beginning. For all we know, he wasn't even aware of its existence. It gained popularity in its initial years through Reddit. The platform helped create a Dogecoin subculture. Musk took public notice of the cryptocurrency for the first time in 2019. "Dogecoin might be my fav cryptocurrency," he tweeted.
He called himself 'Dogefather'
Following Musk's tweet, searches for Doegcoin increased. The year 2021 was an interesting one for Musk's relationship with Dogecoin. The coin reached an all-time high of 69 cents in the US, courtesy of the broader crypto rally and multiple tweets from Musk. He even described himself as 'Dogefather.' The coin's price, however, tumbled after Musk's mention of it on Saturday Night Live.
Musk plans to put Doegcoin on the Moon
In the same year, Musk announced SpaceX would put a Dogecoin on the Moon. The DOGE-1 mission, paid for in Dogecoin, is a mission to put a satellite into lunar orbit. The satellite is expected to be deployed in Q3 of this year. In 2022, Musk's Tesla started accepting Dogecoin as payment for merchandise. Later, SpaceX also started doing the same.
Doegcoin's price jumped by over 24% in 24 hours
Musk's tweets or mentions about Dogecoin have always affected the coin's price. It wasn't any different this time. After he changed the Twitter logo, Doegcoin's price went up by over 24% in the last 24 hours. The coin is now the talking point everywhere, with many wondering why Musk replaced the logo. Well, the Twitter CEO is known for making fun of everything.
