Elon Musk’s Influence on Dogecoin
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Elon Musk’s involvement with Dogecoin and his tweets on the price of DOGE have made the crypto one of the most-talked-about digital currencies in the market. Dogecoin was initially developed as a joke, but it gained traction in 2021 due to its influencer-fueled rally and meme-inspired branding.
According to some reports, Elon Musk has been silently funding the development of DOGE since 2019, but the extent of his investment or funding is unclear. However, he has always expressed great interest and ambition to make Dogecoin a dominant crypto and upgrade its features to surpass even Bitcoin.
His tweets have also put the crypto in the spotlight, leading to Dogecoin’s price surge in 2021. While Musk’s massive following has allowed the billionaire to reach millions of people and create a massive buzz around DOGE, his tweets have also negatively affected the coin’s price, leading to a drop in value.
A Dogecoin investor sued Musk’s SpaceX and Tesla in 2022 for $258 billion for running a pyramid scheme supporting Dogecoin that catapulted the crypto to extreme prominence.
Earlier in 2022, Musk tweeted that he would enjoy a Happy Meal if McDonald’s started accepting payments in Dogecoin. This resulted in a surge of 9% in Dogecoin price in just 24 hours. Later, Musk also posted a picture of a SpaceX rocket on Twitter with the word DOGE that shot up Dogecoin price to the moon as it rose by 44%.
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