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Elon Musk Endorses Dogecoin, DOGE Price Increases from $0.03 to $0.05

Elon Musk Endorses Dogecoin, DOGE Price Increases from $0.03 to $0.05

Elon Musk is officially a Dogecoin (DOGE) fan. Proof? On early Thursday morning, the world’s richest person broke his self-imposed Twitter silence by tweeting about the cryptocurrency. He posted an image from The Lion King with his face and Shiba Inu dog, the symbol of the Dogecoin cryptocurrency.

The image post was a follow-up to a series of posts in which he was discussing Dogecoin. “Dogecoin is the people’s crypto,” “No need to be a gigachad to own,” “No highs, no lows, only Doge” – these were some of the comments he left.

Within 40 minutes after his tweets were published, the price of DOGE went up by about 40%. The price of the cryptocurrency continues to grow as the news about Elon Musk Dogecoin endorsement continue to spread around the internet.

At the moment of writing, Dogecoin stands at $0.05, which is a significant increase, considering that less than 24 hours, the price of one DOGE was $0.03.

Elon Musk Talk Comes a Few Days After Tesla Boss Praised Bitcoin

Some would say that Elon Musk got onto the crypto bandwagon a bit late. According to the man himself, he was offered a “Bitcoin slice” back in 2013, but he decided to pass on that opportunity.

However, cryptos started getting his attention in 2020. In December, he confirmed the purchase of $1.3 billion worth of Bitcoin.

Then, on the last day of January 2021, Musk spoke about him becoming a Bitcoin enthusiast in a live-streamed interview on the chat app Club House.

I do at this point think Bitcoin is a good thing, and I am a supporter of Bitcoin,”

The same week, Musk changed his Twitter information, adding “#bitcoin” to his bio. Finally, on Thursday, he started expressing his positive opinions about Dogecoin.  

Dogecoin Joke Currency

It’s a widely accepted opinion that Dogecoin was started as a joke currency. In fact, this is something even Elon Musk believed. In his words:

Dogecoin was made as a joke to make fun of cryptocurrencies, but fate loves irony. The most entertaining outcome and the most ironic outcome would be that dogecoin becomes the currency of Earth in the future

However, that’s no entirely true. This altcoin was created in December 2013 by a former IBM software engineer Billy Markus and his business partner Jack Palmer, who worked for Adobe at the time. The duo wanted to create a peer-to-peer blockchain crypto that would reach a broader demographic than other digital currencies.

So, where does the story about joke currency come from? Well, from the very early days of the cryptocurrency, Dogecoin’s been in the center of internet memes. For instance, the logo of this cryptocurrency is the Shba Inu dog a.k.a. Doge, which was named the Top Meme of 2013 by Know Your Meme.

The meme in question features a picture of a dog, accompanied by text in Comic Sans format representing inner thoughts, usually written in Broken English.

However, as proven by the fact that Dogecoin is currently the #4 cryptocurrency in the world by trade volume, it’s obvious that there’s nothing funny going on. Instead of being a joke currency, Doge is on the road to becoming one of the most important cryptos, especially if Elon Musk continues supporting it.

At 2:00 pm (ET) on Thursday, five hours after being posted, Elon Musk’s Dogecoin tweet has 82.6k retweets, 436k likes, and almost 13k quote tweets.

Lee Jenkins

Lee is our resident cryptocurrency expert who knows the ins and outs of each coin and the blockchain technology behind them. You’ll find that most of our technical guides are written or overseen by Lee and they are all easily digestible by the new and experienced alike, so there is no better place to learn blockchain 101 than here. Occasionally you may see a news article from him if it’s tech related!