It was initially started as an internet joke.Dogecoin(DOGE), Elon Musk’s favorite cryptocurrency, is now.
Dogecoin was created by Jackson Palmer and Billy Markus, two software engineers. They wanted to make fun of cryptocurrency speculation at the time. Some consider it to be a legitimate investment opportunity, despite its humorous nature.
Origins of the Dogecoin & Its Evolution
Dogecoin’s (DOGE’s) meteoric rise can partly be attributed to the fallout from The GameStop again in March 2021.
GameStop’s rise was fueled by the efforts of individual retail traders, who turned to joke cryptocurrency. It gained legitimacy through Elon Musk’s regular tweets supporting the Dogecoin(DOGE).
As of May 2021, the dogecoin market capitalization had reached $92 billion. This is more than three-quarters of the S&P 500 companies.
Numerous companies are trading and mining cryptocurrency, including Dogecoin (DOGE) now.
The “meme economy,” or meme economy, has its own vocabulary.
It also includes words like NFTS(unique digital assets) or stonks, which you hold in the hopes of reaching the moon.
It’s all part joke. Investors want to have fun during this pandemic and make money, not just memes.
The meme economy is only beginning to flourish, with trading becoming more accessible and affordable than ever. Billionaires are using social media to promote their favorite stocks or cryptocurrencies.
Investors may make it to the Moon or lose all of their assets. Many people lost their entire life savings due to this. You can bet on the cryptocurrency.
The Future of Dogecoin, Emergence of Shiba Inu Coin
Elon Musk has changed the furture of Dogecoin. It’s no longer regarded as a joke. Due to volatility in the crypto market, the cryptocurrency will surpass $1.
Dogecoin’s (DOGE’s) moment of glory came in May 2021 when the TESLA CEO made his appearance. Saturday Night Live (SNL).
In the weeks before the event, observers and cryptocurrency traders openly wondered if Elon Musk would mention Dogecoin.
This discussion brought the coin greater mainstream exposure and attracted interest from billionaires like Mark Cuban.
Some crypto traders were disappointed by Musk’s SNL appearance. He joked that the Dogecoin was a “hustle,” and this comment sank its value 30%. The hype surrounding Saturday Night Live was evident in the Shiba coin (SHIB).
Musk’s appearance was two days later.SHIB listed in BinanceThe price of SHIB has more than doubled on the platform. The shiba-inu-themed coins, known as SHIB, have seen a surge in value in recent days due to their connection with Dogecoin, a more well-known canine cryptocurrency.
Even though Dogecoin (DOGE), did not directly benefit from Elon Musk hosting, his appearance and the weeks that preceded it attracted the attention of millions who are interested in cryptocurrencies.
Meme coins like Shiba (SHIB), and dogecoins (DOGE) are not a financial phenomenon.
Dogecoin’s community raised $55,000 to sponsor Josh Wise, a NASCAR Sprint Cup Series driver. The “Moonrocket”,  the No. 98 car featured a Dogecoin/Reddit-sponsored color scheme and was drove by Wise at the Aaron’s 499 at Talladega Superspeedway.  Wise was featured with the car for almost a minute. Race commentators talked about Dogecoin, Reddit, and the crowdfunding effort. The race finish was 20th, and Wise narrowly avoided multiple wrecks.
Wise was awarded a place at the Sprint All-Star Race by a fan vote. He beat Danica Patrick in the main, thanks to the Dogecoin Reddit group. He was the fifteenth car to finish the race.
Wise wore a Dogecoin/Reddit.com Helmet in the Coca-Cola 600 race. Wise announced that he would race the car at the Toyota/Save Mart 350 as a thank you gift to the community.  Wise finished in twenty-eighth place in the race because of a fueling issue. He was in 12th after a pit stop for gas-and-go, but the gas can didn’t engage long enough. This resulted in a second pit stop which took him to the back of the pack. Eutechnyx, the developer of NASCAR ’14, added the Dogecoin vehicle as a drivable car to a DLC pack.
Disclaimer: This article should only be used as information. You should not take any of the information or other materials in this article as legal, tax, or investment advice. For investment advice, consult a licensed professional.