Dogecoin and Elon Musk are a thing for sure! Everybody knows it for a fact. Since the coin caught fire on social media, you hardly hear any news about it without the mention of the world’s second-richest dude.
Musk’s Complicated Affair with DOGE
Ironically, despite being the face of it, Musk isn’t even the brains behind DOGE. Dogecoin was created 8 years ago by two gentlemen, Jackson Palmer, and US entrepreneur, Billy Markus. In essence, it was forked from another crypto known as Litecoin.
Since the coin went public, Musk’s Tweets have influenced its performance until recently when Dogecoin went up 28.29 percent, to touch a record high, without his social media influence.
Crypto assets like dogecoin are decentralized. They simplify P2P transactions making online money transfers painless. DOGE is the 7th most valuable asset on the FTX exchange trade at $0.273208 with a per-day trading volume of $9.2 billion.
While Musk has enjoyed being at the vanguard of a seemingly exploding coin, he’s also faced criticism for his Dogecoin Tweets. In particular, critics say Dogecoin was a high-risk investment because of its dramatically volatile nature which only benefited a few investors.
Making Dogecoin Mainstream
Also, in a bid to make it mainstream, Doge investors have entered a partnership with Oscar Mayer, a food manufacturing firm. Hopefully, this deal will encourage customers to pay for items via Dogecoin and influence the coin positively. Nevertheless, it’s still too early to tell whether or not this move will increase the adoption of crypto payments.
But this doesn’t render the coin incompetent. In fact, Dogecoin keeps attracting the attention of crypto-friendly brands and might stand a better chance as more businesses embrace it.
Dogecoin is the crypto symbolized by the now-popular dog emblem. You’ll notice myriad dog-related representations on social media memes. Hopefully, the coin will continue gaining and stabilize as a market staple.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high-risk merchant account processor and crypto payments provider in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.