Dogecoin's price jumped high after Elon Musk tweet

Dogecoin is a digital cryptocurrency. It is invented by the two software engineers, Jackson Palmer, and Billy Markus on 6th December 2013 as fun. Billy Markus is a software engineer in International Business Machine Corporation (IBM) in Portland, Oregon, and Jackson Palmer is a software engineer in Adobe in Sydney. They planned to build a payment system that is full of fun and free from traditional banking fee or tax and have broader demographic than Bitcoin.

A Japanese breed of dog is Shiba Inu that is famous for memes that is why this currency has the name ‘Dogecoin’. Dogecoin is created to make fun of digital cryptocurrencies and now it is the fun version of Bitcoin.

Jackson Palmer had a domain Dogecoin.com and have a splash screen and dogecoin’s logo added on it. Through this website, Billy Markus contacted Palmer and started to invent the currency. When they launched the Dogecoin, then in one month they have millions of views on their website. Dogecoin is used to buy goods or services.

On 25th December 2013, hackers stole millions of coins from the Dogecoin Wallet and changed the send/receive page to a static website. The Dogecoin community started a program that was known as ‘SaveDogemas’ to help those users who lost their funds. After one month, enough money was given to cover all the coins that were stolen.

In April 2019, a joke poll was created on Twitter asking the followers that ‘Dogecoin needs a CEO that will maintain the core values of what they are. Vote Wisely’ and the candidates are Vitalik Buterin, Charlie Lee, Marshall Hayner, and Elon Musk’ and Elon Musk won by 54%

Elon Musk is the world's richest man. He is cofounded the electronic-payment firm PayPal, founder of the company SpaceX and CEO of Tesla. Elon Musk received a message ‘Looks Like you are the CEO now’ and asked for the email address. Elon Musk answered him and also tweet ‘Dogecoin might be my fav cryptocurrency. It is pretty cool.’ He also updated his bio Dogecoin CEO that he changed later to the Former CEO. After that Dogecoin’s price increased to 30% and on April 5th, Dogecoin became the 23rd largest global cryptocurrency.

On 4th February, Elon Musk twitted ‘Dogecoin is the People’s crypto’: 

On 6th February Elon Musk, created a poll and asked his followers: ‘what is the future currency of Earth?’ and give two options ‘Dogecoin to the moon’ or ‘All Other Crypto combined’. 71.3% of people choose the option ‘Dogecoin to the moon’ and after that poll the Dogecoin’s price increased 35%. 

On 7th February, Elan Musk added another tweet. He changed ‘The Lion King’ picture where Rafiki holds the baby into himself, and he holds the head of Gene Simmons, and Gene holds the head of Snoop Dog and Snoop Dog holds Doge. This is the Elan Musk version of The Lion King. 

Elon Musk gave the interview on the Club House then he said, ‘He is the supporter of cryptocurrency.’ And also said he does not have any strong opinion on digital cryptocurrency. After his interview, Bitcoin’s price also increased to 20%.

 

Posted: 08 Feb 2021

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