The Nerd Side Of Life

About Dogecoin: Why Elon Musk Considers It ‘The People’s Crypto’

While some national governments fail to see digital currencies’ potential through deregulation, many of their industries are increasingly becoming digital natives. Ranging from finance to the entertainment sector, they slowly gain recognition as the ideal ‘Internet currency’. 

Now, the global crypto market’s $3 trillion current value and over one decade of existence prove even more to critics that digital currencies are more than just a fad. Instead, they simplify the digital world with their uses and benefits, thus explaining why well-known billionaires like Elon Musk invest, and sometimes advocate, in assets like Dogecoin (DOGE).  

Before Dogecoin, Elon Musk, the world’s richest man by a rapidly-growing margin, had eyes on the world’s first digital currency: Bitcoin. He announced around March 2021 that top-tier car company Tesla Motors would accept BTC as a mode of payment to purchase electric vehicles. In June 2021, however, he tweeted that they would retract the plan with the largest digital currency due to the environmental concerns about its heavy energy use. 

Today, Musk’s attention leans towards Dogecoin, calling it ‘the people’s crypto’. Other than to play at Bitcasino with Dogecoin now, here’s everything you need to know about the exciting relationship between SpaceX and Tesla founder and the market’s most highly touted meme token.

About Dogecoin

Launched in 2013 initially as a joke by software engineers Billy Markus and Jackson Palmer, Dogecoin is an almost sarcastic meme crypto token inspired by the very popular and charming Japanese dog breed, the Shiba Inu. Now, it is one of the 10 leading digital currencies with a market value of more than $35 billion. 

Dogecoin is a peer-to-peer, open-source digital currency or, better yet, alternative coin (altcoin) whose underlying blockchain technology (i.e. proof of work) is from Litecoin. Meaning, its most notable features make it the faster, more adaptable, and consumer-friendly version of Bitcoin. These include the use of a scrypt algorithm, low prices and unlimited supplies because it is an ‘inflationary coin’. For the latter, it has a circulating supply of about 130 million DOGE. 

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Like other digital currencies, Dogecoin may be used to make payments and purchases, but it isn’t typically a highly recommended good store of value. This is mostly because there is no lifespan limit on the number of DOGE that may be mined, thus making the digital coin extremely inflationary by design. The blockchain compensates miners for their efforts by producing millions of new DOGE every day, creating speculative price rises in Dogecoin difficult to sustain over time.

Why Elon Musk called Dogecoin ‘the people’s crypto’ 

Musk’s interest in Dogecoin was further publicly shared when he tweeted on October 24, 2021. In response to Dogecoin millionaire Glauber Contessoto’s tweet, he revealed that many employees at his car and rocket company own DOGE. Hence, he called it ‘the people’s crypto’ because most of its supporters aren’t ‘financial experts or Silicon Valley technologists’.

However, Musk’s ties with Dogecoin actually started three years ago. He reached out to Palmer in 2018 to help him remove scam bots from this Twitter account. Then in 2020, he said on the social networking service that Dogecoin might be his favourite digital currency, adding that ‘it’s pretty cool’. 

Dogecoin is no joke: How DOGE price can rise further

From what started as the fun asset to Bitcoin, Dogecoin is now among the market’s top digital currencies. At the time of this writing, CoinMarketCap reports that it is currently trading at $0.2355, with a 24-hr trading volume of $2.14 billion. While these present numbers seem to be dropping green flags in the market, the meme token’s price-changing trend also sometimes frustrates investors and traders. Just like how fast its sudden price increases is also at the same speed when it drops.
Now that Dogecoin is supported by Elon Musk with great confidence, long-term forecasts from CoinCodex suggested that it could either retain its high price stability or surpass its previous all-time high records. They believe that it might finally reach the mark of $1 level. That being said, it would still be better in your case if you remain vigilant in this ever-growing and highly volatile market. For one, you can add a twist as you play at Bitcasino with Dogecoin now. Imagine the number of winnings you’ll get when you bet with this world-renowned token. 

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