Dogecoin and why Elon Musk loves it so much
There are many memecoins in the crypto industry—cryptocurrencies inspired by memes. But one memecoin was able to stay in the market, secure its place in the top 10 by capitalization and gain a famous fan - Dogecoin.
Dogecoin was developed by programmer Billy Marcus and marketer Jackson Palmer. DOGE was supposed to be an ironic response to Bitcoin. They wanted to show how easily cryptocurrencies that have nothing special about them can become popular.
Musk first mentioned Dogecoin in 2019, saying that the cryptocurrency helps him save his savings from inflation, and for this he chooses Dogecoin, Bitcoin and Ethereum.
Many believe that DOGE is only successful because of Musk's interest. In 2021, analysts found that 36% of American investors are guided by Musk's tweets when making investment decisions. Every time DOGE is mentioned on Twitter, the coin jumps.
“These people are not financial experts or Silicon Valley technologists. That’s why I decided to support Dogecoin - it’s like a people’s cryptocurrency,” Musk said. He also claims to be involved in the development of Dogecoin.
