Elon Musk and Dogecoin: How a Billionaire Became Dogecoin

As Dogecoin returns back Bitcoin‘s rise, some may wonder: where did the asset come from? Why is this? And what does Tesla CEO Elon Musk have to do with it?

The original meme coin boom can largely thank the world’s richest man. Musk’s interest in posting shit has helped boost the coin’s price Top 10 cryptocurrencies.

It’s been a crazy ride over the past few years, culminating in Musk’s appointment to co-head a government agency known as DOGE — yes, really. But we will explain everything.

2018: What is DOGE?

Dogecoin is the largest and oldest meme coin and the second largest proof-of-work cryptocurrency. That’s it created 2013 as a joke by developers Billy Marcus and Jackson Palmer.

The idea was to mock the large number of altcoins and crypto-projects that would enter the market after the rapid rise of Bitcoin, and the coin was relatively obscure and cheap in its early years.

But then came Musk. An eccentric billionaire he asked Palmer 2018 tweet to help with Twitter bot problem. Fraudsters have created a number of fake high-profile accounts, including Musk’sto push the negative aspects of crypto. Scammers usually posted fake Ethereum gifts.

This was Musk’s first real interest in Dogecoin.

2019: Pumping begins

Musk launched Dogecoin the following year. “Dogecoin might be my favorite cryptocurrency,” he said wrote in April 2019, in response to a screenshot of the official Dogecoin account poll on who should be the CEO of the cryptocurrency. “That’s pretty cool.”

This post will be one of the first to cause the asset price to rise. Shortly after Musk’s first tweet about Dogecoin, the coin’s market cap hit $400 million and crypto exchange Huobi listed is she.

Musk, but Musk, didn’t stop there: He took to Twitter to call himself the CEO of Dogecoin – briefly – before continuing to delete the tweet to ask if the coin is “truly a valid form of currency” or placement memes associated with the original dog coin.

2020/2021: The bull run is here

Musk continued pumping The price of Dogecoin is here and with its tweets, but it all really started during the 2021 bull run. A major exchange like Coinbase Pro listed Dogecoin and the asset has developed a larger cult following, not to mention mainstream growth.

DOGE has a larger market cap than most companies in the S&P 500. And only the developers said Decryption they had worked in secret With Musk since 2019 to make the coin a valid payment method and a green, cheap alternative to Bitcoin.

But after Musk, things got weird called himself Ahead of a “Saturday Night Live” skit about cryptocurrency, the “Dogefather” boosted the asset’s price again. DOGE would jump to its all-time high price of about $0.73 at the moment.

Musk’s “SNL” appearance is over discrimination For Doge fans, the comments made by the SpaceX executive and his mother about the coin ultimately reduced its value. Still, it continued to bring the curious world of meme coins into the mainstream.

At the end of that year Musk announced his rocket company, SpaceX, will launch a satellite to the moon – funded entirely by cryptocurrency.

2022: Tesla/Twitter mania

Doge mania continued 2022 when Musk’s car company starts accepting Dogecoin as a commodity.

Dogecoin price continued to decline when Musk bought Twitter rebranded it as Xhints that it will eventually become a payment platform, integration OG meme coin.

Later that year, an American man bit Musk hit The billionaire and Tesla and SpaceX are suing for $258 billion for siphoning off Dogecoin — an asset that has “no value,” according to the original filing.

But Musk and his lawyers won this year, a judge sided with them and dismissed the lawsuit, calling the tech entrepreneur’s tweets about Dogecoin “aspirational and fraudulent” and stating that “no reasonable investor could rely on them.”

2024: Trump, Musk and DOGE

Dogecoin was relatively quiet in 2023, but the meme coin has taken off in recent months Following Musk’s endorsement of Republican Donald Trump’s campaign for the White House.

The main reason for this is that Trump said that before voting Musk back to the seat of power, he will lead a government efficiency commission; Musk has confirmed that the department will be called the Department of Government Efficiency — an acronym that matches Dogecoin’s token.

Dogecoin prices jumped every time Musk announced his future political role, known as DOGE, ahead of the election.

But before Trump won the election, Musk revealed what he probably had in mind all along: He has no serious interest or involvement in Bitcoin, Dogecoin, or any cryptocurrency. He just loves the meme coin.

“I haven’t really been actively involved with crypto,” he said said at the rally. “I make Dogecoin jokes and stuff because I love Dogecoin because it has a great sense of humor and it has dogs and memes and I love all of that.”

However, the price of Dogecoin has risen in recent weeks, reaching a three-year high of $0.48, but it has fallen since this writing. Musk recently Dogecoin’s rate of inflation is high and tweeted a picture of a familiar meme Dust cloud with Doge’s face covering the city.

And President-elect Trump made it official along with that Musk A businessman who knows Bitcoin Vivek Ramaswamy heads the department under the new administration. Leaders are already there DOGE discussed big plans for the departmenttravel to Capitol Hill to draft and discuss with lawmakers serious proposals for agency budget cuts and mass layoffs.

Trump even selling t-shirts featuring himself and Musk alongside Doge-esque artwork.

Edited by Andrew Hayward

Editor’s note: This story was originally published on November 13, 2024. It was last updated on December 21 with new information.