Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake

CEO of Tesla, Elon Musk is a very well-known name in the cryptocurrency market as well as all over the world since he is the richest man alive. The weight of his popularity is such that his one tweet has the capability to soar the price of a cryptocurrency to an extensive level. Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the time. Despite its satirical nature, some consider it a legitimate investment prospect. Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake. It was introduced on December 6, 2013, and quickly developed its own online community, reaching a market capitalization of over US$85 billion on May 5, 2021.This article features 10 instances when Elon Musk sent the Dogecoin price up the hill.

 

Dogue magazine cover

Musk posted a mock-up Vogue magazine cover, using the word “Dogue.” Featured articles include “Ten tips on how to get the best treats” and “The ultimate guide to the perfect game of catch.”

 

Tesla to accept Dogecoin

Musk announced in January that Tesla will accept meme-based cryptocurrency Dogecoin as payment for its merchandise such as the “Giga Texas” belt buckle and mini models of electric vehicles.

The move sent Dogecoin prices 14 percent higher. Tesla’s merchandise includes the recently launched “Cyberwhistle” and “Cyberquad for Kids”, which are a hit with its fans, and usually sell out within a few hours of listing. “Some have noted that goods for doge are selling out even faster than for dollars.

 

Dogecoin is the people’s crypto

The billionaire hit the nail on the head when he described Doge as “the people’s crypto.” Its active community and low price make Dogecoin more accessible than other digital coins, and it has served as a stepping stone for many new investors.

 

Who let the Doge Out?

The hit song took Doge’s price to a new high of almost seven cents. Bear in mind that until this year, each Dogecoin had been worth a fraction of a cent. Loyal Dogecoin enthusiasts (or “Shibes,” as they like to be known), shared a flurry of memes – many of which expressed hopes that Doge could hit a dollar.

 

Better than Bitcoin

Billionaire and Tesla CEO Musk believe that Dogecoin is better for transactions when compared to Bitcoin. In an interview with Time magazine, the Tesla and SpaceX chief said when it comes to transactions per day, Dogecoin is a way better crypto coin.

“The transaction value of Bitcoin is low and the cost per transaction is high. At least at a space level, it is suitable as a store of value. But fundamentally, Bitcoin is not a good substitute for transactional currency,” adding that even though Dogecoin was created as a silly joke, it is better suited for transactions. “The total transaction flow that you do with Dogecoin is transactions per day has a much higher potential than Bitcoin.”

 

Elon Musk nudges McDonald

Dogecoin witnessed a spike in value after Musk said that he will eat McDonald’s Happy Meal on television only if the American fast-food chain accepts meme-based cryptocurrency. Happy Meal is a kid’s meal sold by McDonald’s in a red cardboard box with a yellow smiley face. The meal comes with a toy. Responding to Musk’s tweet, McDonald’s responded by saying that they would but “only if Tesla accepts Grimacecoin.”

 

The Dogefather SNL May 8

After tweeting in advance about hosting Saturday Night Live, Musk fueled rumors that he would mention Dogecoin on the show. Speculation about a possible cryptocurrency sketch pushed Doge past the US$0.50 mark for the first time. It peaked at US$0.66 on May 5.

 

Dogecoin as payment at Supercharging station

The tech billionaire announced on Twitter that its supercharging station at Santa Monica will soon accept cryptocurrency Dogecoin as a mode of payment. Following the announcement, Dogecoin’s price witnessed upward movement.

In a tweet, Ryan Zohoury, founder of Tesla Console, said that only ten minutes after the new Santa Monica Superchargers were opened, they were already full. Responding to this, Musk said that he has planned a futuristic diner or drive-in theatre at the Supercharging station, “and of course, you can pay in Ðoge.

 

Twitter should accept Doge

Musk after its Twitter acquisition shared ideas for how Twitter should charge for its subscription membership, saying the fee “should be proportionate to affordability and in local currency,” and adding: “Maybe even an option to pay in Doge?” referring to the Dogecoin cryptocurrency.

 

Doge Barking at the Moon with an image of Miro’s “Dog Barking at the Moon”

Propelling Doge to the moon has been a common theme for the SpaceX CEO’s tweets, and this one sent prices above $0.10. Sending something to the moon is crypto speak for when the price rises off the charts. Musk followed up on April 16 with the words “Everything to the moon!” And the price of Doge hit yet another high.