If you have heard about Dogecoin, you probably also know that this digital coin has great support from a particular celebrity, Elon Musk. Dogecoin is the most popular meme coin and the first ever created, its history starting in 2013. However, this digital coin was launched more as a joke, inspired by a popular meme circulating on the internet, the meme Doge. A particular figure behind this project that helped it grow was Elon Musk. With his strong support, Elon Musk has directly influenced the Dogecoin price, as with the hype created around it, this digital coin attracted even more attention from the larger audience.
Elon Musk has supported this coin from its early days and has continued to do so throughout the years. Some individuals have also named Elon Musk “The Dogefather” because he is one of the reasons why Dogecoin’s price has increased so much.
This article will examine the relationship between Elon Musk and Dogecoin. Keep reading to learn more.
The stages of the relationship of Elon Musk with Dogecoin
2018 – The start of the correlation between the two of them
Dogecoin was created in 2013 by Jackson Palmer and Billy Markus, although they didn’t have many goals with this particular currency. They saw this digital coin more as a joke, and they didn’t expect it to attract that much attention from the public. Elon Musk was among the most important factors that drove the price of Dogecoin upwards, and it was 2018 when Tesla’s owner had the first interaction with Dogecoin. Musk asked Palmer during this time to help him with a problem that he had with a Twitter bot. In 2018, many scammers were interested in creating fake accounts using many names, including those of Elon Musk, to post scams that usefully included crypto giveaways.
2019 – Elon Musk showed great support to Dogecoin
In April 2019, Elon Musk wrote that Dogecoin could be his favorite cryptocurrency, which made this cryptocurrency attract even more enthusiasm from the larger public. For example, after the first tweet showing Elon Musk’s enthusiasm, Dogecoin’s market cap hit $400 million. Elon Musk didn’t stop at that; soon after that post, he also named himself Dogecoin’s CEO and posted tweets with the memes that inspired this digital coin.
2020-2021 – The time when Dogecoin goes through a bull run
Elon Musk continued to show his interest in Dogecoin, which was prosperous for this digital currency because it also attracted strong support from the audience. Musk was also believed to have been working with Dogecoin developers to make Dogecoin a cheaper and more valid option over Bitcoin. During this time, Elon Musk also called himself the “Dogefather,” which made this cryptocurrency grow in popularity.
2022 – Elon Musk, Dogecoin, Tesla and Twitter
In 2022, Elon Musk’s company, Tesla, started to accept Dogecoin for merchandise. Dogecoin also had a positive outcome when Elon Musk bought Twitter, later renamed it for X. However, during this time, Elon Musk also saw the other side of the coin, as he needed to deal with a $258 billion lawsuit because he encouraged the investment in Dogecoin, which the man who created the lawsuit said is a digital currency that didn’t have a real value.
However, the judge dismissed the lawsuit, stating that Elon Musk’s tweets about this digital coin were only aspirational and that no investors would rely only on them.
2024 – Elon Musk remained a fan of Doge
In 2023, we didn’t hear much about Doge, but things started to come back in 2024, especially with Elon Musk’s support for the Donald Trump campaign. Elon Musk also has an idea of a campaign that can run under the administration of the current president of the USA. This campaign is known under the Department of Government Efficient, whose abbreviation is DOGE.
Does the relationship between Elon Musk and Dogecoin impact the other crypto users?
Elon Musk is a very influential person, and it is no wonder why, as he is the wealthiest man in the entire world, and he also has a massive number of followers on X. It is said that Elon Musk can have a great influence on this digital coin, as plenty of Twitter posts have led to essential trading events and abnormal returns on Dogecoin. However, they also have a meaningful impact on the crypto market at large. Celebrity endorsement and social media will always significantly impact the popularity of cryptocurrencies and attract a lot of hype.
However, this hype can also come with a big downside, represented by the fact that investors won’t really research before entering this space, and because of this, they can experience massive losses. This is why it is very important to do your research before entering the crypto market, as this space is associated with a lot of volatility. Dogecoin’s success resulted from the meme culture and celebrity endorsement, which can make this token even more popular. Dogecoin has increased in popularity over the years and has been adopted more globally, which is why it has become a very used crypto payment method.
Wrapping up
Elon Musk is an important figure worldwide, so it is obvious that if he supports a cryptocurrency, that particular digital coin can increase in popularity. This occurred in the case of Dogecoin, which could have a promising future, especially with the support of Elon Musk. Even though, at first, Dogecoin was created as more of a joke, it soon attracted a lot of enthusiasm from important figures in the world.
However, the crypto space is characterized by a lot of volatility, so the price of cryptocurrencies can fluctuate quickly. Before taking the first steps into this space, individuals must do extensive research to ensure they can withstand all the price fluctuations.