Dogecoin and Elon Musk don’t have any connection, but Elon Musk has a big part in the future of this investment. His new Tesla Roadster could drive its price up to an astronomical degree.
Elon Musk just revealed that Tesla will accept Dogecoin payments for its electric cars on a test basis beginning in May! Not only is Tesla one of the fastest-growing car companies in the US, but one of their first big breaks came from accepting payments with Dogecoin. Although Dogecoin has had some recent hardships, it is recovering and finding a unique place in the cryptocurrency market. With Dogecoin’s competitor Shiba Inu fighting for dominance in the cryptocurrency landscape, worldwide investors have been worried about a bear run. Despite this fear-fueled sentiment, we’re happy to say that Dogecoin’s godfather has turned it all
Elon Musk tweeted that Tesla will make a model of their car available for purchase using Dogecoin, which is a cryptocurrency. This initiative has driven up the coins in promotion but it is not yet known how effective it will turn out to be. Over the past few weeks, DOGE has soared in value and made its way into the top ten cryptocurrencies. This success is no coincidence. Elon Musk’s send-to-the-moon strategy has already paid off once with the United States Dollar, but it will not be the last time. Dogecoin has a lot more publicity than other cryptocurrencies, and this is propped up by Elon Musk himself. His tweets and consistent mentions of Dogecoin have led to increased searches and inquiries around the currency, which only supports its price. Ethereum has a lower market cap than DOGE even though it has had more aggregate mining revenue. Elon Musk’s tweet came as a blow to the price of Dogecoin, so what’s next for the memecoin? It has been speculated that its comeback could come in 2022.
The Journey of Dogecoin
One of the first memecoins was Dogecoin, which was born in 2013. It had the success of an online meme; a Shiba Inu that went viral on the internet. DOGE cryptocurrency has developed immensely in value over the last 2 years. It is a crypto-currency worth investing in and is expected to continue to grow. In early 2014, it was traded for US$0.001540753 but today, that value has increased by 32,000%. However, Dogecoin didn’t really become established as an investment option until Bitcoin shot through the roof. For that reason, DOGE had a low profile up until Bitcoin jumps more than 10%. The cryptocurrency market was gaining momentum and buzz after months of its initial introduction. And then leading celebrities like Elon Musk, as well as famous investor, Mark Cuban came out in support of Dogecoin – a cryptocurrency with a Shiba Inu mascot.
Doge has been relatively unchallenged as the top dog in memes for a while, but recently lost its crown to Shiba Inu when it was added to the Robinhood platform. The Change.org petition focuses on adding SHIB onto their NFT exchange platform in order for us to get more coins.
Dogecoin and Elon Musk: A Bond That’s Unbreakable
It’s pretty hard to make a connection between Elon Musk and Dogecoin, as they have little to no relation with each other. Most people seem interested in what Elon is doing & how he manages his money. Elon started posting about Dogecoin in 2020, originally as an attempt to keep his social media posts updated with the latest news. But over time, his posts became a major driver of crypto market prices. Here are a few times that Elon’s messages had an effect on Dogecoin
- In a tweet, Elon Musk announced that SpaceX was going to launch a satellite with the name ‘Doge-1’ in the coming year. The move drove up Dogecoin’s price.
- Elon Musk said that he decided to buy Dogecoin for his son, which caused the price of DOGE to significantly rise at that point.
- Elon Musk, the founder of SpaceX, was going to put a Doge coin on the moon. However, this was unclear at the time and did not add up. It had a part in driving more people to purchase memecoin.
- Elon Musk called Dogecoin a ‘hustle’ on Saturday Night Live show and the crypto’s value dropped sharply.
Can Dogecoin recover in 2022?
Elite cryptocurrencies such as Bitcoin and Ethereum are generally seen as more credible investment options. The little-known DOGE coin, however, has a number of negatives making them less appealing for big players.” But for enthusiasts who are looking to find more creative ways to earn and transact with cryptocurrencies, DOGE is a good option. DOGE has great potential as its underlying technology and functionalities are still under development. As for its value, it’s highly dependent on its honest investors. Elon Musk is one of Dogecoin’s biggest and most devoted supports, and that shows in the coin’s price. Musk’s belief in cryptocurrency is making it seem likely that Dogecoin will be among the top cryptocurrencies in 2022.