As a cryptocurrency that is liked by the world’s richest entrepreneur Elon Musk, Dogecoin has gained the popularity with “Doge to the moon” phrase. Whenever Elon Musk tweets the phrase, ‘Going to the moon’, it is renowned widely in the trading markets to predict a jump in stock pricing. Dogecoin was launched in 2013. It became popular for the Doge meme. Since then has been widely promoted by SpaceX CEO Elon Musk. Geometric Energy Corporation has shown interest in paying the Musk-owned company SpaceX in the cryptocurrency to launch a satellite to the moon. Musk’s first-ever tweet promoting Dogecoin was a word: ‘Doge’, this was followed by several other tweets, with the latest being Musk saying that the cryptocurrency was ‘on the actual moon’. Musk is considered a fan of the cryptocurrency because he likes memes, and “doge” is the perfect target for it,” according to Spencer Bogart.
Why Elon Musk’s favorite digital currency is Dogecoin?
Musk has shown interest to fund a space mission to launch a satellite to the moon through Dogecoin. In the latest development in the crypto market. But what makes Doge the Musk’s favorite cryptocurrency is due to several reasons. One of them being Musk’s contact with the developers since 2019. Elon chose Dogecoin because of the inflationary check on top due to the relatively small main supply of Doge. As a result, Musk in a recent tweet on May 25, 2021, asked for suggestions to develop Doge to fund his further mission to launch SpaceX’s satellite.
What are the problems associated with Doge?
Billionaire Charles Hoskinson tells how Dogecoin needs to improve and calls it a “Fun currency”. He said it is built on an old and outdated system as a duplicate of litecoin. Also, Dogecoin suffers from another problem that there is no cap to the number of Dogecoins. It can exist due to which a potentially infinite supply would mean each coin can lose value as the overall number of coins grows in the future.
What has been the recent trend in the Dogecoin movement?
Despite the limitations, Elon’s favorite Shiba Inu-based meme currency dogecoin has zoomed 13,000% since the start of the year. It is showing no signs of stopping with the bull run. In recent weeks, Elon has become a great bitcoin influencer and other cryptos, especially doge. Due to this fact, that is not liked by regulators have to reignite a push for increased scrutiny of the digital asset sector by lawmakers across the US. But Doge remains to be Musk’s first choice and his tweets often impact the crypto market more broadly.