Whether you’re interested in crypto or not, you’ve probably heard of Dogecoin. This meme-based cryptocurrency — Elon Musk’s favorite — is making headlines again.
Musk had once mentioned that the everything app would replace YouTube, LinkedIn, dating apps, and even banks. The post has raised the hopes of Dogecoin lovers who are waiting for X to accept it as a payment method.
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Musk and Doge have a long-standing relationship. Let’s recap their affair.
Who created Dogecoin?
Created as a joke by software engineers Billy Markus and Jackson Palmer in 2013, Dogecoin features the likeness of the Shiba Inu dog popularized in the Doge meme.
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But what initially began as a joke would transform into one of the world’s most valuable cryptocurrencies.
How did Dogecoin get overnight success?
The credit for Doge’s success goes to the GameStop saga that began in January 2021. The meme stock reached its peak when a group of small investors, encouraged by the Reddit community WallStreetBets and helped along by an Elon Musk tweet, skyrocketed GameStop shares to $86.88 in January 2021.
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On Reddit, investors later discussed what cryptocurrency is equivalent to meme stock GameStop — and the answer was Dogecoin. That’s how Dogecoin came into the limelight, and just as GameStop reached its peak, Dogecoin started to gain traction, peaking in May 2021 at $0.74 per coin.
When Musk became a proud Dogefather
After the GameStop saga, another event sent Dogecoin to the moon. One fine day, Elon Musk tweeted a word on Twitter: Doge. The price surged dramatically as media attention was garnered, and crypto enthusiasts suddenly became interested in Dogecoin.
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Later in the year, Musk hosted NBC’s “Saturday Night Live” and called himself a Dogefather. He continued promoting Dogecoin on various platforms, leading to its inclusion in the top 10 cryptocurrencies by market capitalization.
Musk also made sure to incorporate Dogecoin into his electric vehicle and space mission. At Tesla, Dogecoin can be used to purchase select merchandise, like Cyberquad for Kids, Giga Texas Belt Buckle, and Cyberwhistle.
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Musk hinted recently that Dogecoin could be accepted as a payment method at Tesla in the future.
When X was still Twitter in 2021, it already accepted Bitcoin as a payment method for tipping. This was regarded as the first experiment in which cryptocurrency was used as a payment method on any social media.
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So, the acceptance of Doge as a payment method on X won’t come as a complete surprise. If and when X accepts Doge, it could just send Dogecoin and other cryptocurrencies to the moon once again.
Musk's fascination with the world of crypto has been on full display in recent years, and he's not shy about throwing his considerable influence behind his preferred digital coin: Dogecoin.
Tesla has officially embraced Dogecoin, with the payment page updated to feature the OG meme coin. The addition specifies that DOGE can only be used to pay for select products, including merchandise within the online Tesla Shop.
While Dogecoin's strongest bulls want this outcome to happen, it's hard to believe that an otherwise worthless digital asset could reach such an astronomical valuation. Investors should stay away from Dogecoin. Hitting the $1 mark is probably never going to happen.
After a historic rally in 2021 and subsequent market drops in 2022 and 2023, many investors are wondering whether Dogecoin will go back up. Well, that could very well be the case, as technical indicators support the notion that DOGE will increase in the coming months.
Musk also detailed some of the reasons behind his endorsem*nt of DOGE. "The reason I ended up sort of endorsing Dogecoin is that when I was walking around the factory at Tesla, some people asked me to support Doge.
When he says that he has a “bunch” of DOGE, it might mean more than six figures worth. However, it is unclear how much DOGE Musk owns. One theory suggests that Musk is a mystery Dogecoin (DOGE) whale with over 36 billion tokens. This wallet owns around 28.27% of the total DOGE in circulation.
"At some point, I think we should enable that," Musk replied, which was cheered by the crowd. Then, on May 4, Tesla quietly updated the website that it has begun to accept DOGE as payment on some products. While you cannot buy a car with DOGE, you can buy several pieces of merchandise with DOGE.
The simple truth is that as an investment, Dogecoin offers little beyond speculative potential. Its price fluctuations are largely driven by market sentiment, social media hype, and speculative trading activity. It isn't a common payment tool and deliberately didn't copy Bitcoin's anti-inflationary design.
Holding 10,000 Dogecoin Could Make You A Millionaire, Predicts Crypto Analyst. Since 2021, Dogecoin (DOGE) has consistently been one of the largest cryptocurrencies in the market. The token has attracted tens of billions in investment and is up more than 27,000% since its launch.
Dogecoin price rose to its all-time high of $0.73 on May 8, 2021, a year after the 2020 Bitcoin (BTC) halving. Dogecoin is currently 73% down from its previous all-time high. If this pattern were to repeat, Dogecoin price would reach a new all-time high in April 2025.
Does amazon accept dogecoin? While you can't make a direct purchase with Dogecoin on Amazon, you can turn your existing currency into a gift card. Amazon does accept gift cards, and through Coinsbee, you can pay for these digital cards with Dogecoin. This is the fastest workaround for buying things with crypto.
Based on our research, ButtChain, Bonk, Sealana, Bitcoin, Celestia, and Solana stand out as the best cryptos in 2024. ButtChain, in particular, is catching attention with its playful branding, innovative features, and ingenious tokenomics.
While he personally believes in crypto and owns some himself, he also calls it a “Hail Mary.” In a January ask-and-answer session on X, Cuban said that his crypto portfolio includes Bitcoin, Ethereum, Polygon and Injective, and that his NBA team the Dallas Mavericks still accepts Dogecoin as payment.
TeslaCoin which goes by ticker symbol TES was launched in an effort to achieve what Tesla envisioned many decades ago. The plan was to launch a fully solar powered and free mining pool. By doing this, the company would reduce carbon emissions by a huge margin.
Introduction: My name is Annamae Dooley, I am a witty, quaint, lovely, clever, rich, sparkling, powerful person who loves writing and wants to share my knowledge and understanding with you.
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