If you are into cryptocurrency, then you are familiar with Dogecoin. One of the many altcoins in the crypto sphere, don’t be fooled by its name. The casual sounding digital token is counted amongst the top ten cryptocurrencies in the world, currently ranked at #7 on CoinMarketCap.com.
On December 20, 2020, a tweet by Elon Musk sent Dogecoin into a rally that saw it gain 25% in value. So what happened with Dogecoin and Elon Musk?
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Elon’s favorite cryptocurrency
On that pivotal day, Musk tweeted a simple sentence,
The tweet set off a rally that saw Dogecoin gain as much as 25% in value. Apart from this, Elon Musk had also made a few other tweets, one a very R rated one on Bitcoin that caught the eye of Michael Saylor, the CEO of MicroStrategy. This set of a chain of tweets as both CEOs discussed the possibility of switching over Tesla’s balance sheets to the leading cryptocurrency from USD.
Saylor has reportedly converted a large amount of his company’s reserves into Bitcoin. He suggested to Musk that he could do a huge favour to his investors by converting all of Tesla’s balance sheet to BTC. Musk responded with a question that was it possible to do such large transactions. Saylor replied in the affirmative and said that he had already acquired BTC in excess of $1.3 billion the a few months. He also offered to share his strategies with the EV CEO, giving the reason for generosity as from “one rocket scientist to another”.
However, Musk has shown his dislike of Bitcoin and has preferred Dogecoin, even going as far to call the meme coin as his favourite cryptocurrency.
So how far does the Dogecoin and Elon Musk bromance go?
Elon Musk, former Dogecoin CEO
Elon Musk has made it clear many times in the past that he likes Dogecoin. He considers the cryptocurrency the real replacement to fiat. Roughly two years ago, Dogecoin ran an April fool’s joke by tweeting, asking for a poll from its followers to see who they would like to see as a CEO of the cryptocurrency. The candidates listed in the tweet were:
- Vitalik Buterin, creator of Ethereum.
- Charlie Lee, the visionary behind Litecoin
- Marshal Hayner, CEO of Metal, a payment processor company that pays in cryptocurrency from making blockchain based transaction.
- Elon Musk, CEO of Tesla and SpaceX.
Though Elon Musk was the only person in the list who was not connected directly with cryptocurrencies, he gained the majority vote, securing 54%. The large amount of votes were likely due to his outlook towards adopting new technologies that are deemed infeasible by many.
After the voting result, Dogecoin and Elon Musk were temporarily united when he changed his Twitter profile bio to read “CEO of Dogecoin”. After April Fool’s Day, Musk decided to take down the bio, but rather than deleting it, he changed it to “former CEO”.
Fighting scambots and rocking dogs
Elon Musk’s personality is magnetic and not short of charisma. Leveraging the pull he has in the public as a proponent of different technologies, scammers have been setting up bots on Twitter, impersonating him and trying different ways to leech money off people.
So many scams exist around the Tesla and SpaceX CEO that Twitter has gone as far as to implement a rule that if anyone changes their name on the platform to Elon Musk, it causes an immediate ban.
Angry and frustrated, Elon Musk sent another tweet, this time in September of 2018, calling out to Jackson Palmer, the creator of Dogecoin, for help,
“@ummjackson if you can help get rid of the annoying scam spammers, that would be much appreciated”
Elon Musk was in luck as Dogecoin’s Jackson had already worked on a script that would do that exact thing. Jackson reached out to Elon Musk and shared the script,
“Elon has the script… we had a good chat on how @jack and the Twitter team should definitely automate and fix this problem on their end though”
In March this year, Elon Musk again tweeted his support of Dogecoin by saying “Dogs rock”, accompanied by a picture of a dog sitting in front of a number three birthday candle and the sentence, “I have no concept of numbers”.
Musk nearly immediately replied to his own tweet, saying,
“They have the best coin”
There’s a definitive mutual interest between Dogecoin and Elon Musk, and whatever the reason may be, his backing of the cryptocurrency is a boost to its adoption.
Conceptualized as a joke by Oregon based programmer Billy Markus, Dogecoin caught the eye of Jackson Palmer on the other side of the world. The two connected and were able to launch the cryptocurrency. Dogecoin is a fork of another cryptocurrency, Luckycoin, which in turn was a fork of Litecoin.
Today, Dogecoin is a serious token with thousands of followers. It has gained immense popularity, becoming a sponsor in the 2014 winter Olympics and even NASCAR.
It’s been a wild ride for Dogecoin. So far, the coin has jumped 7,000 percent since January 1, 2021, and whilst it’s settled down for the moment, things are looking promising.
If you want to get your hands on some free Dogecoin, check out our recommended list of the best Dogecoin faucets.