The indissoluble bond between Dogecoin and Musk
1. The origin of Dogecoin: a cryptocurrency originated from a joke
Dogecoin was born in 2013, and its original design was just to add fun to the field of cryptocurrency. It uses a cute Shiba Inu (i.e. Doge emoticon) as its logo, and was originally regarded as a "humorous sketch" in the field. However, no one expected that this seemingly inconspicuous cryptocurrency would be reborn because of the appearance of one person.
2. Musk's wonderful encounter with Dogecoin
In 2019, Musk mentioned Dogecoin on Twitter for the first time (https://baike.baidu.com/item/Twitter/2443267) and named himself "Dogecoin CEO". He not only frequently expressed his love and support for Dogecoin, but also "promoted" it through tweets. Every time Musk's tweet came out, the price of Dogecoin rose accordingly. This phenomenon was jokingly called "Twitter-promoted economics" by investors.
3. Tesla and Dogecoin: Expansion of application scenarios
Over time, Dogecoin has gradually transformed from a joke coin to a cryptocurrency with practical application value. In 2022, Musk announced that Tesla will support the use of Dogecoin to pay for some goods, such as limited edition electric four-wheeled vehicle Cyberquad toys and Tesla chargers. This move further promoted the popularity and application of Dogecoin.
4. The community power behind Dogecoin
Although Dogecoin is not outstanding in technology, it has a strong community support. Musk once said that the most unique thing about Dogecoin is its "community belief and culture." He believes that Bitcoin is the currency of the elite, while Dogecoin is closer to ordinary people and is the "people's currency." This down-to-earth concept has won Dogecoin many fans around the world.
5. Risks and controversies: the investment path of Dogecoin
However, although Musk's tweets have driven the rise of Dogecoin, they have also caused a lot of controversy and risks. Many retail investors have suffered losses due to blindly following the trend. In 2021, the price of Dogecoin soared more than 100 times, but the subsequent plunge also caused many people to lose all their money.
If you like this article, don’t forget to follow it. Thank you for your support and encouragement!
