Elon Musk's Magic Makes Dogecoin's 'Joke' Currency Soar
JAKARTA - Dogecoin has managed to impress in the cryptocurrency price rally that has taken place in recent days. Several factors influenced the skyrocketing price of Dogecoin from around IDR 800 to IDR 3,000.
One of the factors was the influence of important people in pumping up the price of Dogecoin, one of whom was Elon Musk. With just a Twitter tweet, Musk could have sent Dogecoin's price soaring.
The boss of Tesla, SpaceX, and Neuralink often supports Dogecoin. He has also called Dogecoin the public currency. This April, Musk is again releasing his tweet magic by saying that he will bring "the real Dogecoin to the real Moon".
Launching from Coinmarketcap, on Friday, March 16 yesterday the Dogecoin price managed to touch the $0.2354 figure. Crypto money has increased by 79.02 percent compared to the previous period.
Elon Musk also tweeted that "Doge barked to the moon".
What is Dogecoin?
Maybe some people are only familiar with Bitcoin and Ethereum. Though the amount of crypto money itself is in the hundreds. Dogecoin itself is included in the category of altcoins or coins other than bitcoin.
Dogecoin is a crypto asset developed by two programmers Billy Markus and Jackson Palmer in 2013. At that time, Dogecoin was present as a lucky coin fork which is no longer usable. This also makes Dogecoin a fork of Litecoin (LTC), as reported by Yahoo Finance.
In 2014, Dogecoin was also mined at the same time as Litecoin. Now the Dogecoin price has touched its highest figure, an all-time high.
On the other hand, the fact is that Dogecoin was actually made from a joke. At that time, Palmer resigned from the company. The incident happened in 2015. Palmer revealed that his goal of making Dogecoin was just a joke and he also didn't want to make money from his crypto. He also said that if Dogecoin rose the sign would be dangerous.
"I think this reveals a lot about the cryptocurrency space. In general, a digital currency with a dog image on it has not had a software update in more than two years, instead, it has a market capitalization of more than $1 billion", Palmer said unexpectedly.
It did not stop there, the price of Dogecoin continued to increase after Palmer said goodbye from the cryptocurrency development company with the Shiba Inu dog logo. Now the price of Dogecoin is six times higher than before. In the future, the Dogecoin price may skyrocket even higher, especially after Elon Musk put his plan into action; brings Dogecoin to the Moon in its true sense.