Many people are curious whether Elon Musk owns Dogecoin. Dogecoin is a coinage that was founded as a jest among pals in 2013 and has seen an incredible rise in recent weeks. Elon Musk, the founder of Tesla and a self-described Bitcoin supporter, has said that he would not liquidate his Dogecoin holdings. Elon Musk’s tweeting on doge has made it into a speculator’s fantasy: you hardly guess when or if he’ll post about this again!
He has said he won’t be getting rid of any more DOGE than what’s already been sold off from him by others who are interested only in short-term profit. But with every new mention of the Dogie coin. whether positive or negative – its price soars ever higher because people think they can make money either way!
All these thanks to the momentum of Reddit users and people like Elon Musk, who in several gestures referred to the cryptocurrency as Dogfather.
So much so that it has reached a level of capitalization that has exceeded $87 billion.
Named memedivisa, the project, which NBA Dallas Mavericks owner Mark Cuban. He said is “the craziest story ever told” and described as “better than the lottery,” has surprised friends and strangers alike with its growth. Or even its creator.
Who Created Dogecoin?
Billy Marcus and Jack Palmer are the creators of Dogecoin. Billy published an open letter on Reddit in February. In that letter, he explained that he received many questions about how to get rich with the rise of cryptocurrencies and confirmed that he had not been involved in cryptocurrency investments since 2015.
“I don’t currently own any Dogecoin, except for the ones I’ve recently encountered. In 2015, when I was laid off and worried about my dwindling savings, I gave up all my cryptocurrencies or sold them and bought a used Honda Civic with everything I got,” the cryptocurrency creator explained via Twitter.
In an ironic twist of fate, Dogecoin’s equity is now worth more than $87 billion. It exceeds the value of Honda on the New York Stock Exchange, where the Japanese manufacturer’s equity is valued at about $54.1 billion.
Marcus currently works as a software engineer for an educational technology company in San Francisco, Calif. “I’m an average worker, I don’t have any problems, but I’m not rich either. I’ve seen some posts online saying I have a lot of money,” he told Bloomberg.
It seems “strange” to him that something he created “in a matter of hours” is now “part of the Internet culture.
Marcus added, “It’s interesting to see Elon Musk talking about it.” He acknowledged that the Dogecoin story could be “a good barometer of how things are going to deviate from reality.”
Does Elon Musk share a stake in Dogecoin?
Over the past decade, Musk has become a big fan of cryptocurrencies, and Dogecoin in particular.
“Dogecoin is probably my favorite cryptocurrency. It’s great,” Musk wrote on Twitter.
His praise for the meme-inspired asset was in response to a poll posted on Dogecoin’s official account the day before.
The poll asked who should be the next CEO of the cryptocurrency (an idea that seems absurd given that cryptocurrency projects are supposed to be decentralized). Musk won that poll with 54% of the votes.
On the official Dogecoin account, he wrote: “Looks like you are now the CEO @elonmusk, please send us the location of the password.”
Musk then rewarded him with several tweets mentioning the cryptocurrency, one of which read “Dogecoin rulz,” along with a Doge meme.
Musk has been a veteran of the world’s richest men and has used his Twitter account to express his views on cryptocurrencies.
In March, Musk said U.S. customers would buy Tesla cars with bitcoin, a significant step toward using cryptocurrencies in business.
The electric car maker purchased $1.5 billion worth of bitcoin earlier this year, and the sale of bitcoin (to “test liquidity”) generated $100 million in capital gains.
A survey on Dogecoin by Tesla’s CEO had more than 2.5 million hits in four hours, with more than two-thirds of respondents voting in favor of the new payment method.
The coin, which originated as a joke and is now the fourth-largest digital currency, hit a new all-time high of more than $0.73.
The billionaire’s tweets about his company’s finances have landed him reprimands or sanctions from the SEC in the past. Still, his recent comments about cryptocurrencies haven’t gotten him into any regulatory trouble.
What is Dogecoin, and where does it come from?
DOGE (Dogecoin) is a coinage based on the web cliché “Doge,” a Shiba Inu also recognized as “Cheers.” It was founded in December 2013.
Even though it began as a spoof of money created by trolls, web users immediately accepted it.
Its reputation started to surge last June when Audiences started a movement to lift the value of Dogecoin beyond $1, as CoinDesk noted in a recent.
Among the top security token coins, moondollar is currently ranked 41st (Defi).
It has a market capitalization of $574 million, which is substantially smaller than when compared to other cryptos.
Musk has really shown his enthusiasm for Dogecoin.
This is not the first time Elon Musk has tweeted about Dogecoin. he also mentioned the cryptocurrency in July, when he tweeted “It’s inevitable” with an image of the DOGE coin surrounding the global financial system. That tweet was appreciated by 14% at the time.
While Elon Musk does not own Dogecoin, he has adopted Dogecoin and other currencies for everyday use in recent years. It has had a clear impact on cryptocurrencies.
I am Lavinia by name and a financial expert with having a degree in finance from the University of Chicago. In my blog, I help people to educate by making wise choices regarding personal investment, basic banking, credit and debit card, business education, real estate, insurance, expenditures, etc.