Dogecoin is a cryptocurrency which got its from the "Doge" Internet meme that features Shiba Inu dog as its logo. What started out a joke, it now has it’s own online community and is ranked the top 30 coins according to Coinmarketcap.
Jackson Palmer is an Australian entrepreneur created Dogecoin as a joke. However, what started out as a joke, grew through social media, has an active community and eventually made its way onto Binance. Changpeng Zhao aka CZ later said despite the coin not having a lot of technology behind it, the community was too large to ignore.
Dogecoin is actually from a 2013 fork from Litecoin and now Dogecoin is being used for tipping on Reddit and Twitter and is demonstrating use cases for micropayments. And while Bitcoin seems to be getting all the attention, Elon Musk, one of the greatest salesman and Dogecoin's former CEP is ensuring Dogecoin gets some love too.
This rally comes after Elon Musk, CEO of Tesla and SpaceX, has begun to tweet about the cryptocurrency in a joking manner.
While it is unlikely that the Tesla founder is actually buying Dogecoin, his tweets have had tangible effects on the DOGE market. After he tweeted a meme about DOGE, for instance, the cryptocurrency gained around 20% in the span of a few hours. The cryptocurrency has reacted to a number of his other tweets about the subject matter too.
Musk appears to be a fan of the cryptocurrency’s culture, often stating that it is his favorite cryptocurrency.
As long as Elon continues to promote Dogecoin, rest assure, Dogecoin will be one of the coins we still talk about in 10 years.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.