Elon Musk and Dogecoin: How the Billionaire Became the &#039, Dogefather&#039,

As Dogecoin makes a return off the back of Bitcoin‘s wave, some may be pondering: Where did the property come from? What’s it for? And what does Tesla’s CEO Elon Musk have to do with it? &nbsp,

The classic image coin’s boom generally has the country’s richest guy to thank. Musk’s fascination with shitposting helped raise the gold to a top 10 crypto.

It’s been a bizarre ride over the past few years, culminating in Musk’s visit to co-lead a government agency called D. O. G. E. —yes, actually. But we’ll discuss it all.

2018: What the DOGE?

Dogecoin is the biggest and oldest image gold and the second-biggest proof-of-work crypto. It was made by programmers Billy Markus and Jackson Palmer as a joke in 2013. &nbsp,

The goal was to make fun of the numerous altcoins and blockchain projects that came onto the market after Bitcoin’s rapid climb, and the coin enjoyed comparative obscurity and a lower price in its early years. &nbsp,

But finally along came Musk. In a 2018 message, the quirky businessman asked Palmer to assist with the Twitter scammer issue. Scammers had created a number of fraudulent high-profile records, including Musk’s, in order to drive crypto disadvantages. The scams usually featured bogus Ethereum giveaways. &nbsp,

It was Musk’s second genuine curiosity in Dogecoin.

2019: The pumps begins

The following season, Musk began pumping Dogecoin. ” Dogecoin may be my fav cryptocurrency”, he wrote in April 2019, in response to a picture of a poll from the standard Dogecoin accounts asking who should be the cryptocurrency’s CEO. ” It’s pretty cool”.

The first of many such positions may increase the investment’s value. Soon after Musk tweeted about Dogecoin, Huobi listed the coin’s market cap at$ 400 million.

Musk being Musk, yet, didn’t stop it: He branded himself Dogecoin’s CEO—briefly—on Twitter before continuing to flame out comments asking if the gold is “really a true form of currency” or posting jokes associated with the original dog-coin.

2020/2021: Animal work arrives

Musk continued to pump Dogecoin’s amount here and there with his comments, but things really got started during the 2021 bull run. Dogecoin was listed on major markets like Coinbase Pro, which led to a larger cult following and a rise in popular culture.

DOGE’s business seal increased over the S&amp and P 500’s combined market caps. And programmers entirely disclosed to that they had secretly collaborated with Musk since 2019 to make the gold a safe, less expensive alternative to Bitcoin.

But things got stranger when Musk called himself the” Dogefather” ahead of a” Saturday Night Live” skit about the cryptocurrency—again sending the asset’s price roaring upwards. Expand would climb to its all-time high rate of about$ 0.73 at this time.

The SpaceX manager and his family’s references to the coin eventually led to the coin’s price dropping, which ultimately led to Musk’s “SNL” look ending up being underwhelming for Doge fans. Nonetheless, it continued to bring the unusual world of image coins to the contemporary.

Later that year, Musk announced that his rocket company, SpaceX, do build a spacecraft to the moon—completely funded by the cryptocurrency.

2022: Tesla/Twitter madness

The Doge madness continued into 2022 when Musk’s auto firm started accepting Dogecoin for products. &nbsp,

When Musk purchased Snapchat and changed its name to X, hints that the company had gradually incorporate the O. G. meme coin, Dogecoin continued to go up in price. &nbsp,

Later that year, while, an American male filed a$ 258 billion complaint against Musk for allegedly pumping Dogecoin, an advantage that had” no value at all,” according to the original filing.

However, Musk and his attorneys won this year when a prosecutor agreed with them and dismissed the lawsuit, calling the software investor’s comments about Dogecoin” spirational and puffery” and noting that” no sensible entrepreneur may rely upon them.”

2024: Trump, Musk, and D. O. G. E.

Dogecoin experienced a surprisingly quiet year in 2023, but the image gold has soared in recent months as a result of Musk’s support for Republican Donald Trump’s presidential campaign.

That’s largely due to Trump’s claim that Musk may lead a federal performance commission before being voted back into the seat of power. Musk claimed that the department may be known as the Department of Governmental Performance, an abbreviation that corresponds to Dogecoin’s scoreboard. &nbsp,

The price of Dogecoin spiked whenever Musk mentioned his coming social function with the so-called DOGE prior to the election.

But before Trump’s impact election win, Musk revealed what he has definitely thought all along: that he isn’t really serious or involved in Bitcoin, Dogecoin, or any crypto. He only enjoys memes, though.

” I’m truly not actively involved in crypto”, he said at a protest. Because I kind of like Dogecoin, I make Dogecoin quips and other things because it has pups and jokes and the best sense of humor.

Also, the price of Dogecoin boomed higher in recent months, hitting a three-year higher value of$ 0.48—though it’s fallen since, as of this writing. Musk recently praised Dogecoin’s rate of inflation and shared a well-known image featuring a sand sky with the Doge experience encircling a city.

And President-elect Trump made it official that Musk, along with Bitcoin-savvy investor Vivek Ramaswamy, may lead the new government’s office. The rulers have already discussed significant plans for the DOGE office, making detailed recommendations for company budget cuts and large firings, and visiting Capitol Hill to discuss them with lawmakers.

Trump is actually selling t-shirts that feature him and Musk alongside Doge-like painting.