Elon Musk blows up the dogecoin, « crypto of the people. »

Elon Musk blows up the dogecoin, "crypto of the people."

The dogecoin has had a breathtaking journey lately. This cryptomony can thank Elon Musk, who has been splitting humorous messages on social networks lately. While it has long been below one cent, it climbed above five cents for the first time last week. Tesla’s boss said in a post on the social network Clubhouse on Sunday that his dogecoin posts were « just jokes ». But like what happened recently with the price of Bitcoin, his messages had a significant impact.

On Thursday, the boss of Tesla and SpaceX, between two photos of a rocket launch on his Twitter account, posted a Photoshop montage of The Lion King where the billionaire wears the famous dogecoin at arm’s length. « The dogecoin is the crypto of the people », « no up, no down, only the doge, » he added. A semi-ironic humor that sounds like the tone of the Reddit WallStreetBets forum posts. Argumentative financial advice and Photoshop montages fuelled the campaign by private investors to ignite the action of the GameStop video game chain, opposing hedge funds and causing panic on Wall Street last week.

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Musk’s messages were enough to cause the dogecoin to spike above 5 cents again before the cryptomony backed off Friday to trade at 4.563 cents around 1:45 p.m. GMT, according to the CoinMarketCap site. At this price, the capitalization of the dogecoin represents 5.9 billion dollars, which would make it currently the 15th cryptomony.

« Everything Mr. Musk mentions on Twitter is flying away because of his aura as a business leader and on social networks, » said Neil Wilson, analyst at Markets.com. In particular, Musk’s messages fueled a brief Bitcoin spike on Friday, January 29. Created in 2013, the dogecoin was an ironic response to the two internet phenomena of the year: cryptomonnages, which multiplied in the wake of Bitcoin, and the montage of a photo of a dog Shiba Inu.

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« From +it’s a funny idea+ to coding, it took me about three hours, » admits one of its creators, Billy Markus, in an interview on the CNet website. But Reddit’s forum users are getting into the game. They send dogecoins, at a very low rate, to greet other people’s comments. After briefly climbing above one cent in 2017, when the market was passionate about cryptomoney, the price of dogecoin had collapsed, before returning to the one cent threshold at the beginning of the year, in the midst of the Bitcoin boom.

Elon Musk blows up the dogecoin, « crypto of the people. »
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