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Prank oout of control: How interest in Dogecoin exceeded interest in Bitcoin

Author : Iryna Shostak

Source : 112 Ukraine

As a longtime fan of cryptocurrencies and memes, the Tesla and SpaceX founder has been actively pushing the Dogecoin thread on his Twitter page in recent months, fueling investor interest
11:11, 14 May 2021

112 Agency

The world's fans of virtual coins have found a new object of adoration. Dogecoin has gained 86% since the beginning of May, ranking fourth in the list of the largest cryptocurrencies. And according to Google Trends, interest in it among search engine users for the first time exceeded the volume of requests for bitcoin. This rally was sponsored by its self-proclaimed "father" Elon Musk.

As a longtime fan of cryptocurrencies and memes, the Tesla and SpaceX founder has been actively pushing the Dogecoin thread on his Twitter page in recent months, fueling investor interest. On April 1, it announced that SpaceX would deliver "literal Dogecoin to the literal moon." He later denied this information, calling it "an April Fool's joke." But, as it was recently revealed, the joke has become a reality.

The other day, Musk confirmed: SpaceX paid off for the mission to the moon in Dogecoin cryptocurrency. You didn’t travel by time machine again on April 1 - SpaceX did accept Dogecoin tokens as payment for space launches. This happened under an exclusive contract with the Canadian company Geometric Energy Corporation. So, already in 2022, together with Falcon 9, the DOGE-1 satellite will be launched, designed to compile "lunar-spatial intelligence" (whatever that means) using onboard cameras and sensors.

Those same tokens-memes with the face of a Shibu Inu dog? Is it a joke? Dogecoin is a real cryptocurrency created in 2013. But they came up with it not in order to solve some global problem, but really for the sake of a joke (to prove that investing in a crypt is absurd). Already in 2015, the creator himself left the project.

But, as we can see, the joke dragged on - tokens gained life and began to grow in price. So, for example, already in December 2020, the Dogecoin rate was $ 0.00025 per coin, and a month later - already $ 0.0023: an increase of 10 times in just a month. Soon, the comic crypt became as volatile as the others: sometimes it grew rapidly, then it fell for a long time. But one way or another, and the capitalization of the comic project for a long time amounted to about $ 400 million. Until the bill went into billions.

Then Musk joined in. Dogecoin became a kind of outlet for the cryptocurrency for him: the billionaire wrote tweets in support of the coin, posted jokes, etc. For example, not so long ago he noted that DOGE is his favorite cryptocurrency, which again provoked a sharp jump in its price. But, what is remarkable, he himself invested in bitcoin in parallel.

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Today, according to data from CoinGecko, Dogecoin is in the fifth place in the ranking of the largest cryptocurrencies and costs about $ 0.50.

This is a great strategy, you might think. After all, Musk more than once literally blew up the public by publishing his preferences on a particular occasion on the social network. So, for example, at the beginning of the year, the billionaire wrote that he uses the Signal messenger, provoking a significant jump in its downloads. After his tweets, not only Dogecoin, but also the "cue ball" itself often jumps.

An expensive, but very bright joke, we will answer. After all, experts of the cryptocurrency market agree on one thing: there is no "smell" of any strategy here. It's much simpler: the rich have their quirks.

"This is a prank that got out of control. Elon loves to joke, and these jokes, I think, satisfies him the most. There is no strategy here. Rather, stupid speculation of those who follow Musk," says the co-founder agencies Citadel, CMO Bitzlato.com, CMO Monolith.money Dmytro Kryshtal.

Moreover, the phenomenon of the European Dogecoin provoked the appearance of its Japanese counterpart, now with the face of a Shibu Inu dog. The crypt is called Shiba Inu. But unlike its European colleague, this is really a "candy wrapper".

One way or another, no matter how Dogecoin is perceived by cryptocurrency traders, the coin is alive and quite well-fed: a capitalization of $ 63 billion and an increase of 12,400 percent since the beginning of the year confirms this.

"Personally, I really do not take this coin seriously. But since the whole world is trading it, it will appear in our country very soon," says Mykhailo Chobonyan, founder of the KUNA.io cryptocurrency exchange.

Musk himself also admits that despite the fact that the altcoin appeared as a joke based on an Internet meme, over time it has really grown stronger.

"This is the future of currency. It is an unstoppable financial instrument that will take over the world," the businessman said on Saturday Night Live (SNL).

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