Dogecoin is the amalgamation of two polar opposites – serious, ‘grown-up’ ideas and actions involving the economy, trade, and finance, merged with social media humour, meme culture, and a cute dog that won the internet. True to its nature as a mixture of economics and humour, this cryptocurrency was created in 2013 by software engineers Jackson Palmer and Billy Markus as a fun internet joke.
From there, it grew so much that entrepreneur, science-geek, and billionaire Elon Musk frequently tweets about it, making us all wonder about his ownership in Dogecoin.
Musk claims that his love for jokes attracted him to Dogecoin. An ordinary investor would be attracted to its phenomenal growth spurt from less than half a US cent ($0.0046) in December 2020 to more than 70 cents as of May 7th, 2021. Musk’s encouraging Twitter posts about Dogecoin from the beginning of this year have been a key contributor to the tremendous increase in its value. He has also claimed that he ‘won’t sell Dogecoin’. This undoubtedly sparks a few questions about the stake that he has in the promising cryptocurrency.
However, his personal stake in Dogecoin is unknown, and his company, Tesla, has invested $1.5 billion in Bitcoin, which is probably the most popular cryptocurrency, not in Dogecoin.
Things were going well for Dogecoin until Musk recently appeared on a popular American TV show on which the stalwart did not continue his Twitter trend of hyping up the meme-tastic cryptocurrency. This caused a sharp fall in its value. Although the price has picked up once again, the growth rate is slower than in April 2021.
Dogecoin’s price movement is a classic example of how celebrity endorsements can make or break a product. Being influenced by powerful personalities is quite common in purchasing and selling investment products like stocks, currencies, and mutual funds.
It is up to each investor to do adequate research by themselves and decide whether the financial product in question suits their needs and risk appetite.
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