Story: Emerging crypto- Dogecoin (DOGE) ; 12-14-2021;
Elon Musk tweets- some Tesla merch buyable with Doge.
• Dogecoin recovers from dip as Elon Musk tweets "Tesla would accept payment for merch through DOGE".
Dogecoin goes skyrocket with its value hitting $0.2175 that is at least 11 days high, the otherwise dipping meme coin rose to a sudden high due to the fact that world's richest person Elon Musk tweeted today that his electric car manufacturing company “Tesla” would accept payment in DOGE coin on purchase of merchandise.
Elon Musk wrote in his tweet, “Tesla will make some merch buyable with Doge & see how it goes.” The Tesla is an automobile giant in the electric car segment and one of the world's leading manufacturer as well.
Elon Musk is the owner of the company and a supporter or influencer of the Doge coin, his tweet made such a huge impact on the market value of the meme coin, that its values rose by more than 22 percent in a day.
Dogecoin faces major dip.
• Dogecoin has fallen out of the top 10 biggest cryptocurrencies in the world by market value.
The month of November saw the meme coin suffer from the major dip in the market, as its market cap mostly revolved around $30 billion in November 2021.
It is notable that the Dogecoin was at the 8th place on global top 10 biggest cryptocurrencies in the world by market value.
• Due to significant loss of value, the Dogecoin Dropped to 10th spot on worldwide top 10 cryptocurrencies recently, but the latest updates conform the further fall of the elon musk promoted meme coin has gone off of the list of top 10 cryptocurrencies in the world.
• Even though the market has been suffering from more than two weeks regularly but the good news for Dogecoin is that its highly forecasted that it will recover from the dip and would take the 8th place on most valuable cryptocurrencies in the world, with total market cap around $42 billion in coming days.
Emerging cryptocurrencies in 2021- Dogecoin (DOGE).
Dogecoin (DOGE) :
The official website for Dogecoin defines the “Dogecoin” as an open source peer-to-peer digital currency, favored by Shiba Inus worldwide.
The meme inspired cryptocurrency Dogecoin- launched on December 6, 2013, and quickly developed its own online community, reaching a market capitalization of over $85 billion on May 5, 2021.
• The Dogecoin, created by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer, was aimed at a peer-to-peer digital currency that could reach a broader demographic than Bitcoin.
They initially started with developing a payment system as a “joke”, making fun of the wild speculation in cryptocurrencies at the time.
The same ideology has been carried till today, as the official website promotes the currency as the “fun and friendly Internet currency”, referencing its origins as a “joke”.
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.
• On May 4, 2021, the value of Dogecoin first surpassed the symbolic hurdle of $0.50, a greater than 20,000% increase in one year.
Expert suggests the coin could very well reach $10 in the coming future. The world's richest person, “Elon Musk” also often tweets on Dogecoin and promotes it, while according to him, he has also invested in the Dogecoin.
Due to frequent mentions by influencers like Elon Musk, the coin enjoys frequent boosts and popularity rise, throughout these recent years.
• Dogecoin may have begun as a “joke”, it was in September 2021 the 10th-largest cryptocurrency in the world, with a market capitalization of USD $26 billion.
• The current circulating supply of Dogecoin is roughly 131.97B (billion) DOGE.
Dogecoin faces criticism because of its long and problematic history of scams, and many describe it as a form of Ponzi scheme.
Musk & Dogecoin:
• Elon Musk's first Dogecoin-related tweet occurred on December 20, 2020. Musk tweeted 'One Word: Doge'. Shortly after, the value of Dogecoin rose by 20%.
• Musk tweeted 'Dogecoin is the people's crypto' and 'no highs, no lows, only Doge', in February 2021. Following these tweets, the value of Dogecoin rose by roughly 40%.
• The price of Dogecoin rose by more than 100% on the April 15, 2021, after Musk tweeted an image of Joan Miró's 'Dog Barking at the Moon' painting captioned 'Doge Barking at the Moon'.