Dogecoin 101: Actual Doge on the Actual Moon - Here's What's Up with Twitter's Favorite Cryptocurrency

2021/05/14 13:11:13

Memecoins are now at the forefront of numerous discussions around the crypto sector, and Dogecoin undoubtedly leads from the front. It comes as no surprise because, after all, we just left 2020 and the instability it brought, and we are yet to see what 2021 brings to the table.

Dogecoin has been a favorite cryptocurrency of the Twitter community. Celebrities, influencers, and business magnates with massive followings are pumping Doge to its new ATH levels through their tweets, and it has become a trend that you cannot ignore.

Doge to The Moon

Will doge go to the moon? Well, it's literally going to the moon as SpaceX is sending its upcoming dogecoin-funded satellite to the moon, named Doge-1. Who would have thought a cryptocurrency that started as a joke is now going to the moon! Here is a tweet where Elon Musk announced the launch of the Doge-1 satellite.

Geometric Energy Corporation, the company responsible for the launch, will send Doge-1 on a Falcon 9 rocket in the first quarter of 2022. The CEO of Geometric Energy Corporation commented on this in a press release, saying this transaction 'solidified DOGE as a unit of account for lunar business in the space sector.'

This project alone will cost somewhere around $62 million, a little over 148 million doge as of writing. Another interesting fact is that Elon Musk hinted at this dogecoin-funded satellite on April Fool's day, so nobody took it seriously at the time.

Elon Musk and SpaceX have given 'doge to the moon' sentiment a literal meaning. After the announcement, DOGE didn't see much of an anticipated price bump which came as a surprise. It might be because Elon Musk hit a plateau with DOGE, or people were waiting for yet another important event, Elon Musk’s SNL appearance.

Elon Musk's SNL Appearance

Elon Musk's Saturday Night Live (SNL) appearance was much-anticipated by the DOGE warriors. He called himself the 'Dogefather' while announcing his appearance for the SNL show on April 28th, and the Dogecoin community was once again waiting for 'The Musk Effect.' Before the show, he tweeted a photo of 'Guest starring' that spiked the market cap to ~$88 billion.

Source: TradingView Twitter

Elon Musk didn't disappoint the doge fans during his opening monologue. He brought Maye Musk (his mother) on stage. She talked about various things and hoped that Elon's mother's day gift wouldn't be Dogecoin, to which Elon replied, 'it is.'

Elon also called himself the Dogefather on-air. Later in the show, he played a financial expert, and despite repeated queries, he simply refused to explain what Dogecoin is. He finally conceded to explain, 'Yeah, it's a hustle.' This single statement from Elon tanked the dogecoin price charts.

The price rallied downwards from $0.68 (11:35 pm ET) to $0.49 (12:20 am ET), a massive 30% drop that brought the market cap down to $62.1 billion. The Robinhood trading app halted crypto trading during the show, citing some technical issues that resulted in a Twitter outrage from the DOGE fans.

Source: TradingView

Dogecoin investors and the community had high expectations from the Elon appearance in the SNL show. Dogecoin fans thought Elon Musk would talk in favor of DOGE and how it will become the de-facto currency of the internet, as he once tweeted.

Another Tweet, Another Spike

Recently, Elon Musk disclosed that he is working with the Dogecoin developers to increase transaction efficiency. Right after this tweet, the market cap of doge spiked by $10 billion. Some people believe that this tweet comes out as a joke because there are no Dogecoin developers, and the Dogecoin project has been unmaintained for years.

Source: TradingView Tweet

Elon Musk also conducted a Twitter poll asking people whether or not Tesla should accept DOGE payments. After this tweet, he announced that Tesla is dismissing its decision to accept Bitcoin and tanked the bitcoin market that caused a very heavy Twitter outrage among the entire crypto community.

Coinbase to Enable Dogecoin Trading

As a result of the monthslong hype built around Dogecoin, Coinbase Global has announced that it will enable DOGE trading in six to eight weeks from now.

In an interview on Mad Money with Jim Cramer, Coinbase CFO Alesia Haas spoke about numerous topics related to the crypto industry, with one of them being none other than Dogecoin. When asked about whether she thinks investors should invest in DOGE, she stated “We are a platform. We want to offer all assets that meet our listing standards and we hope to be the place where you can come and trade anything that you want to trade.”

She made it clear that the market speaks for itself, and that Dogecoin is currently receiving much interest from the crypto community.

Conclusion

Dogecoin is Twitter's favorite cryptocurrency, and it shows the power of a community. The entire Dogecoin market is fuelled by these tweets and announcements from celebrities and influencers, and Elon Musk (the Dogefather) is leading this memecoin from the front.

Now that Dogecoin is actually going to the moon on a satellite, will you be joining from earth?

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