Why is Musk so fond of Dogecoin?

Table of Contents

The birth of Dogecoin was originally intended to satirize the speculative behavior in the Bitcoin community, but it ended up becoming an object of speculation itself.

 

Bitcoin’s decentralization represents people’s yearning for freedom, all data on the chain accounting represents fairness, and the halving mechanism represents the design of automatic anti-inflation from the beginning of the game. It is obvious that its attributes and game rules give people a sense of a new order of freedom, while Dogecoin gives people the feeling of a joke. Two Bitcoin community members and engineers, Billy Markus and Jackson Palmer, the founders, deliberately modified the Bitcoin source code to create Dogecoin’s source code (it is said that they only spent three hours creating Dogecoin), and deliberately designed Dogecoin to have an unlimited issuance (about 5.2 billion per year). They designed Dogecoin in this way to satirize that the speculation of coins is nothing, and the most extreme is that when the founders designed the coin’s LOGO, they deliberately used the avatar of the funny internet celebrity dog, Doge.

 

Who would have thought that the clown who deliberately made fun of speculators in reality would be promoted to the new king of the real world by speculators. At first, Dogecoin only appeared as an interesting gift on the Internet, such as in 2013, when miners mined a certain cryptocurrency or joined a mining pool, they would be given tens of thousands of Dogecoins during the mining process. However, suddenly one day, Dogecoin’s luck came, and Musk of SpaceX began to support Dogecoin in a high-profile manner, which made Dogecoin soar, and some miners may not have made a fortune by mining a certain coin, but made a fortune by the large amount of Dogecoin given during the mining process.

 

Musk has made many remarks about Dogecoin, such as he wants to take Dogecoin to the moon, he has also publicly stated many times that some Tesla products support the purchase with Dogecoin, and also said that Tesla’s employees all like Dogecoin very much, he even jokingly called himself the CEO of Dogecoin. As for why he is so supportive of Dogecoin, people speculate that perhaps he also likes the connotation of Dogecoin full of freedom and fun, perhaps he wants to convey to the public through this behavior that he is interested in the cryptocurrency world, perhaps he just likes the sense of achievement of manipulating the rise and fall of Dogecoin like God. No matter which of the above purposes, it is obvious that he has succeeded.

 

It is interesting that as the founder, Jackson Palmer angrily quit when Dogecoin was in full swing, he probably thought that since cryptocurrency is a decentralized currency, why should it be at the beck and call of someone, since the purpose of creating Dogecoin was to ridicule people’s speculation on air coins, does it mean that Dogecoin has become the darling of the speculative market, which also implies a deeper tragedy?

 

Regardless of how these big figures view and operate Dogecoin in their own subjective views in the story of Dogecoin, objectively speaking, Dogecoin has already become the most successful air coin. Not only has the coin price soared all the way, but more valuable is that in the past ups and downs of the bull market and bear market, it has not been defeated – there is no coin price to zero or forgotten, its coin price and market position are quite tenacious, as of 2023, in the global cryptocurrency market value ranking, Dogecoin’s market value of 8.999 billion became the 8th in the world, The number of Dogecoin addresses holding coins worldwide has surpassed 5 million, which is an extraordinary accomplishment. Which shows that its brand consensus in the encryption world has been reached, people are willing to use Dogecoin, hold Dogecoin, people really like Dogecoin.

 

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