Elon Musk Made Dogecoin Soar by 20% With Controversial Tweet

ByTroy Morris

Dec 21, 2020

Elon Musk is a well-known name in the tech industry, being the pioneer of Tesla. The engineer had spent his early years investing in start-ups that are till today blossoming in the industry. The Tesla CEO has had a controversial relationship with the digital asset, Bitcoin.

Prominent investors in tech who had previously doubted the feasibility of the blockchain platform, are becoming the strongest institutional investors of Bitcoin. The cryptocurrency which had just broken its record is gradually drawing attention to itself by parties who hold massive financial power like the SpaceX CEO.

History of the creation of Dogecoin

Dogecoin has a fascinating history. The coin started as a joke, but today, the coin has a dominant market in the cryptocurrency industry. The inspiration from the cryptocurrency was based on a Japanese dog called “Shiba Inu” and the meme was made viral in 2013. The funny coin was at first a parody to show some facts about digital assets today. Jackson Palmer made the coin to make fun of the ever-increasing numbers of new cryptos in the market. The Adobe product manager mockingly shared that he was going to invest in Dogecoin and that he believes that it could be the future.

After his comic coin meme, he bought a domain name with the same name and inquired on social media if anyone could make the coin a real cryptocurrency. Billy Markus was a major influence in the creation of the crypto, especially because he was also working on his own crypto. The coin was created very similarly to Bitcoin and claims suggest that the two have a similar mining process. Social media helped the coin grow immensely in popularity, even with the little time it had stayed in the industry. The team explained that the mission behind the crypto’s creation is not to make money, but to just have fun and expand cryptocurrency in the community.

Elon Musk’s tweet sent up Dogecoin shares

The SpaceX CEO’s tweet on Dogecoin is growing some suspicion in the crypto space. The business magnate sent an early morning tweet to his millions of followers, just mentioning the crypto’s name. Based on statistics, his tweet has increased the Dogecoin shares, just moments from the Billionaire’s tweet. Some people are speculative about the asset, but with the engineer’s obvious endorsement, people took their chances on the coin.

The CEO mocked Bitcoin and claimed that it is almost as useless as the fiat currency. The 49-year-old had a series of racy tweets that have caused some growls in the space, especially from dominant investors, like MicroStrategy’s CEO. In the past few weeks, MicroStrategy, a business intelligence firm, has been cutting through its funds to buy Bitcoin. Before the purchase, the company already had an impressive cryptocurrency holding.

The company called for investors from all around to buy its senior convertible note to be able to raise enough money for the purchase of more coins. The company has more investors than it expected, leading to the purchase of over $500 million worth of the digital asset as opposed to the anticipated $400 million.

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