The Tesla and SpaceX boss is a fan of Dogecoin, the shitcoin that has finally found its way between Bitcoin, Ethereum and other virtual currencies.
Elon Musk tweeted that SpaceX would be sending “literally“a Dogecoin to the moon… Only this. Elon Musk’s idea is to transport a Dogecoin to a satellite, in a SpaceX rocket.
Dogecoin owes its name to the initial “dog” , the cryptocurrency represent a Shiba breed dog as its logo. It had been created in 2013 as a simple joke at a time when bitcoin has established itself as a dominant player in the crypto revolution across the world.
Apart from the idea of the meme, the creators of dogecoin wanted to offer the market a more accessible cryptocurrency than bitcoin. After 1 month of creation, the dogecoin website had registered over a million visits.
Elon musk is the king of the stock market
Elon Musk’s tweets are closely scrutinized by investors in the financial markets because in case it is a tweet with an emphasis on a financial asset; the price of the said asset varies a few moments later. This episode happened with the GameStop stock when he tweeted “GameStonck”.
For the crypto world, the Musk effect on the price movement of the cryptocurrency market has been the subject of study. Elon Doge, uh I mean *Elon Musk to talk a lot about the corner doge, which has increased its price considerably given the access to the investment and its community.
“Could be worth more than what Ethereum was worth just six months ago”
As of this writing, DOGE – the only crypto-currency in the green among the top 50 today – has entered the top 10 crypto-currencies on the market by market capitalization. It currently holds the fifth spot.
Investor Dan Tapiero wondered how DOGE “could be worth more than what Ethereum was worth just six months ago.” On November 1, 2020, ETH’s market capitalization was $43.8 billion. DOGE’s current capitalization is $55.9 billion.
The secrets of the success
In addition, analysts agree that social media plays an important role. The asset has little intrinsic value but is driven by the FOMO (fear of missing out) phenomenon of investors. The main driver of DOGE’s popularity is its online community and the support of business guru, such as Elon Musk.
The interests of Elon Musk
Elon musk has invested considerably in Doge Coin, he has also invested in the name of his children to buy a number of tokens that are now worth several million.