The Internet is a strange place. And sometimes, it manages to take over the non-virtual world: An excellent case in this point would be meme-cryptocurrency, Dogecoin. Dogecoin started as a joke. In 2021, however, the joke appears to have turned on those who didn’t take the meme cryptocurrency seriously. The meme-cryptocurrency Elon Musk wouldn’t stop tweeting about reached an all-time high in mid-April, crossing 10 cents for the first time. The market cap of DogeCoin — which started as a joke and is literally classified as “a meme coin” — is currently over $34.97 billion. This is the highest-ever for the cryptocurrency, and the result of a semi-ironic movement that’s involved thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk. In early January, each token was worth less than one cent. In late January, when both the GameStop and DogeCoin movements hit their stride, the value of DogeCoin shot up to 7.5 cents, well over a 10-magnification, before sliding down to 2.5 cents. The coin had spent the past few months in the three- to the seven-cent range.
Currently, the price of Dogecoin is $0.268678. Its rise can be largely credited to the Tesla CEO and SpaceX boss, Musk, who with some strange agenda has been rallying support for the cryptocurrency – endlessly. On Father’s Day (20th June, Sunday) the crypto-world started wishing Musk, for being the ‘Dogefather.’
Happy DogeFather’s Day!— Blockfolio (@blockfolio) June 20, 2021
Including the founder of Dogecoin.
Following Musk’s tweet, Dogecoin recorded a spike at 1:59 AM IST (+5:30 GMT), according to Coindesk. The overall 24 hour change, however, still remained in minus.
At a public signing, Musk mentioned that this cryptocurrency may be the future. In the interview, he says that “There is a good chance that crypto is the future currency of the world. Then the question is which won is it going to be? It could be multiple,” he said.
He then explains the origins of how Dogecoin was invented as a joke, essentially to make fun of cryptocurrency, and that’s the irony, explains Musk. “That the currency that began as a joke, becomes the real currency.”
In the video, he does add that, “Don’t invest your life savings into cryptocurrency. That’s unwise.”