When Dogecoin makes a comeback from the back of Bitcoin‘S Surge, some can think: where did the assets come from? What is it for? And what does Tesla CEO Elon Musk have to do with it?
The tree of the original Meme Coin has largely thanking the world’s richest man. Musk’s obsession with shit posting helped stimulate the coin to one Top 10 cryptocurrency.
It has been a crazy ride in recent years, culminating in the appointment of Musk to lead a government agency called doge – yes, really. But we will explain it all.
2018: What the Doge?
Dogecoin is the largest and oldest meme and the second largest proof-of-work cryptocurrency. It was created In 2013 as a joke from developers Billy Markus and Jackson Palmer.
The idea was to have fun in the huge number of altcoins and crypto projects that entered the market after the rapid climb of Bitcoin, and the coin enjoyed the relative darkness and low price in the early years.
But then Musk came. The eccentric billionaire sought -after Palmer in a Tweet 2018 to help with the Twitter bot problem. Scammers had made a number of fake-law accounts, Includes Musk’sTo push crypto -seaming. The scam usually placed fake -ethereum -Weggeefactie.
It was the first real interest that Musk had shown in Dogecoin.
2019: The pump starts
Musk started pumping Dogecoin the following year. “Dogecoin is perhaps my favorite cryptocurrency,” he wrote in April 2019, in response to a screenshot of a poll by the official Dogecoin account in which it is asked who the CEO of the cryptocurrency should be. “It’s pretty cool.”
The post would be the first of many to rocket the value of the asset. Shortly after the first tweet from Musk about Dogecoin, the market capitalization of the Munt $ 400 million and crypto exchange hit Huobi stated It.
Musk, however, was Musk, did not stop there: he noticed himself on the CEO of Dogecoin – Letterly – on Twitter before he continued to fire tweets to ask If the currency “is really a valid form of currency” or posts memes associated with the original dog visit.
2020/2021: Bull Run arrives
Musk continued to pump Dogecoin’s price here and there with his tweets, but things really started during the Bull Run in 2021. Large fairs such as Coinbase Pro State Dogecoin And the actively developed a larger cult -supper, not to mention the growing mainstream consciousness.
Doge got a market capital larger than many companies in the S&P 500. And developers told exclusively Decrypt that they had worked in secret With Musk since 2019 to turn the currency a valid payment method and a greener, cheaper alternative to Bitcoin.
But it became stranger when Musk shouted The “Dogefather” for a “Saturday night live” ski over the cryptocurrency – where the price of actively roars up. Doge would currently jump to his high price of around $ 0.73.
Musk’s “SNL” appearance Be underwhelming For doge fans, with the SpaceX boss and the allusions of his mother on the coin who ultimately pushes his price. Yet it continued to bring the strange world of meme coins to the mainstream.
Later that year, Musk announced That his rocket company, SpaceX, would launch a satellite to the moon – fully funded by the cryptocurrency.
2022: Tesla/Twitter -Manie
The Doge Mania continued Until 2022 when Musk’s Autobedrijf Dogecoin started to accept merchandise.
Dogecoin continued to experience prize bumps when Musk Twitter bought and Conversely to Xshow that it would also be a payment platform that ultimately, ultimately, could be integrate The OG MEME COIN.
Things came back later that year to bite Musk hit The billionaire and Tesla and SpaceX with a $ 258 billion lawsuit for alleged pumping dogecoin – a plus with “no value at all,” according to the original submission.
But Musk and his lawyers scored a victory This year when a judge with them chose the side and turned the lawsuit, he called the tweets of the technical entrepreneur about Dogecoin ‘Aspirational and Puffery’ and noticed that ‘no reasonable investor could trust them’.
2024: Trump, Musk and Doge
Dogecoin had a relatively quiet 2023, but the Meme Munt has risen in recent months Following Musk’s support for the campaign of the Republican Donald Trump for the White House.
This is mainly because Trump said that Musk would lead a government efficiency committee before they are voted back in the power seat; Musk claimed that it would be called the Ministry of Governmental Efficiency – an acronym that corresponds to Dogecoin Ticker.
When Musk mentioned his future political role with the so -called doge prior to the elections, the Dogecoin prize jumped.
But before Trump’s shock elections, Musk revealed what he has probably always thought: that he is not seriously interested or is involved in Bitcoin, Dogecoin or a cryptocurrency. He just loves the meme coin.
“I am not actually actively involved in Crypto,” he said With a rally. “I make Dogecoin jokes and so because I just have a bit of dogecoin like Dogecoin, because it has the best sense of humor and it has dogs and memes, and I love all those things.”
Nevertheless, the price of Dogecoin flourished higher and reached a three-year high price of $ 0.48, although it has fallen since then. Musk recently praised the inflation of Dogecoin and tweeted a well -known meme image of a dust cloud with the doge face that floods a city.
And President-Elect Trump officially made it that Musk would lead the new department of the administration, although planned Co-Lead Vivek Ramaswamy saved in January due to other political ambitions.
Trump even sells T-shirts that shows himself and Musk alongside doge-like artworks. And the official doge website briefly contained the well -known doge meme images, in which the price of Dogecoin was increased.
With Trump back in the office, Musk’s Doge started aggressive interrogation of US government spending, getting newspapers because it has access to potentially sensitive citizen data while increasing professional standards in the process.
Published by Andrew Hayward
Note of the editors: This story was originally published on November 13, 2024. It was last updated with new details on February 15, 2025.
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