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Dogecoin (DOGE)

Elon Musk’s Love For Dogecoin Finally Revealed!

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Dogecoin advocate Elon Musk has once again proclaimed his support for the meme coin at the Qatar Economic Forum in Doha on 21 June.

In the highly televised event, Musk who appeared virtually talked about cryptocurrencies in general with Bloomberg News Editor-in-Chief John Micklethwait.

When asked about DOGE, the tech billionaire said that his preference for the asset continues to grow stronger after receiving encouragement from people of all walks of life, including his employees.

I intend to personally support Dogecoin because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin—so I’m responding to those people. Just people when I walk around the factory at SpaceX or Tesla, they’ve asked me to support Dogecoin, so I’m doing so.

The CEO of Tesla Inc. and SpaceX has often pumped Dogecoin, a cryptocurrency created as a joke in 2013, with his Twitter musings. Recently Musk noted that Tesla accepts Doge as payment for merchandise and reiterated that SpaceX will be doing the same soon.

Meanwhile, critics slammed the token comparing it to a pyramid scheme, an allegation that did not go down well with DOGE co-creator Billy Markus.

Markus posted a tweet saying “if dogecoin is a pyramid scheme, so is the entire cryptocurrency market, stock market, the housing market, commodities market, and monetary system itself. cryptocurrency itself is just a protocol and a shared database”

Some proponents felt that the recent market crash provided a perfect opportunity for naysayers to bash the coin.

Dogecoin is Pumping

Last week, a frustrated investor based in the US filed litigation against Elon Musk and his firms- Tesla, and SpaceX for $258 billion alleging the CEO of operating an ‘illegal racketeering’ network to inflate the price of the asset.

Plaintiff Keith Johnson claimed that he and others in the class-action have lost nearly $86 billion between May 2021 and June 2022 and demanded that figure in monetary damages in addition to $172 billion.

On the price front, DOGE is showing some promising upswings. In just 3 days, the 10th-ranked coin surged by over 43%. At press time, it is trading at $0.066, an 11% rise over the daily index.

“If Dogecoin Is A Pyramid Scheme, So Is The Entire Monetary System”- DOGE Creator

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Throwing his weight behind Dogecoin, its co-founder Billy Markus gave a befitting reply after critics compared the asset to a pyramid scheme.

“Cryptocurrency has an incredible amount of stupid stuff around it, but that’s all just related to how incredibly stupid people are. cryptocurrency itself is just a protocol and a shared database”, the tweet read.

One of the critics who works as an Investment Advisor chose to defend the allegation and said crypto has no intrinsic value. “It’s not a hedge against inflation [exactly the opposite given infinite duration], nor is it diversified”, he claimed.

Markus then responded by saying “Intrinsic value is arbitrary. What people choose to do with it is up to them.”

Last weekend, DOGE flared up briefly after Elon Musk reaffirmed his support for the token after a follower asked him if he would keep buying DOGE despite the market dip.

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"If Dogecoin Is A Pyramid Scheme, So Is The Entire Monetary System"- DOGE Creator 2

The tweet coincided with Father’s Day and proponents soon flooded memes referring to Musk as the ‘Dogefather.’

In addition to that, the memecoin’s co-creator Markus some days back said that he wanted people to “use it for something… so it has a reason to exist,” Musk replied: “Tesla and SpaceX merch, maybe more down the road.”

A week ago, the tech billionaire and his firms- Tesla, and SpaceX were sued by a US investor for $258 billion alleging the CEO of operating an ‘illegal racketeering’ network to manipulate the price of the asset.

Dogecoin Investor Moves Court Against Elon Musk For “False Promotion”

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,” the plaintiff Keith Johnson said in the complaint.

“Since Defendant Musk and his corporations SpaceX and Tesla, Inc began purchasing, developing, promoting, supporting and operating Dogecoin in 2019, Plaintiff and the class has lost approximately $86 billion in this Crypto Pyramid Scheme,” the statement read.

Earlier this year, Musk announced that the firm’s supercharging stations will accept the cryptocurrency Dogecoin as payment.

Tesla does accept Dogecoin in its online store and there have been speculations of the automotive giant eventually including the token as a form of payment for its vehicles.

Elon Musk gets sued and here’s how the crypto community is backing him up

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 In the crypto business, a surprising lawsuit against Tesla CEO and Dogefather Elon Musk appeared only yesterday amongst the slew of high-profile cases that have been filed in the crypto-verse. Musk was sued for $258 billion for allegedly running a Dogecoin pyramid scheme.

Musk’s interest in Dogecoin goes back a long way. The Tesla CEO has professed interest in the original meme cryptocurrency on several occasions. He even piqued people’s interest by allowing DOGE to be used as a payment method on Tesla. Keith Johnson popped out of nowhere and proceeded to launch a lawsuit accusing Musk of putting together a “crypto pyramid scheme.”

However, Crypto Twitter had a boatload to say. While some speculated that Musk was being singled out for being anti-machine, others indicated that Keith had plenty of time on his hands to take on one of the world’s wealthiest men.

Through his tweets, Billy Markus, aka Shibetoshi Nakamoto, the co-founder of Dogecoin, has kept in touch with Musk. He jumped to DOGE’s defence as well as Musk’s, tweeting,

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He further said,

“anyone can sue anyone for anything, doesn’t make it valid.”

 Musk was also reassured by the Dogecoin community that he had their support. Following the case, several believed that Musk would increase his support for Dogecoin.

CZ lends a helping hand to Elon Musk

Several people soon accused Elon Musk of tampering with the price of Dogecoin. CZ, on the other hand, tweeted,

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In a recent interview, CZ went on to say,

“He’s leading, we’re following. If he goes through with the deal, we’re committed. If he doesn’t, then I think we’re off.”

In addition, Binance invested $500 million in Elon Musk’s bid for Twitter. Investors are certain to fear now that the acquisition is on hold. CZ, on the other hand, kept his calm and stated that Musk was in charge and Binance was trailing. At the time of writing, Dogecoin (DOGE) was priced at $0.05651 with a usual hike of 0.58% over the last 24 hours.

Dogecoin co-founder addresses Musk’s Twitter takeover

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Elon Musk has been making headlines for a variety of reasons. His current interest in taking over Twitter and his fondness for Dogecoin [DOGE] appear to have put him in the spotlight. Musk’s bid for Twitter has sparked a lot of debate. While some people are rooting for Musk to take over Twitter, others are worried about Trump’s possible return. Meanwhile, Jackson Palmer, a co-founder of the DOGE, feels Musk is on the verge of destroying the social media network.

The memecoin co-founder addressed Musk’s Twitter takeover during a recent interview. He continued by saying,

“The second I heard he was going to make a bid, I thought that he intended to destroy Twitter. I think if you look at what’s happening, that’s what’s happening. He was sowing a huge amount of discord and distrust on the platform, and there are huge amounts of churn and attrition from staff.“

Musk’s purchase of Twitter has been beset with problems. Several people are sceptical that the Twitter acquisition will go through due to the repeated delays. Palmer went on to say that Musk might be attempting to destroy all trust or that he’s crazy enough to believe he can construct an alternative.

Dogecoin co-creator’s first interaction with Musk

Palmer recalled his first encounter with Tesla CEO Elon Musk when discussing Musk’s Twitter takeover. Palmer allegedly messaged Musk on Twitter about a code that would instantly detect a cryptocurrency scam on someone’s Twitter account. The bot would then notify the social media giant about the scam. Palmer went on to tell numerous other crypto influencers about it. Musk was also interested in participating.

Elon Musk went on to become one of the most powerful figures in the cryptosphere. As a result, con artists have utilized Musk as the face of their phony “crypto giveaways” time and time again. Palmer’s script appeared to be a good fit for Musk. Musk, however, did not understand coding as well as he claimed, according to the Dogecoin co-founder. Musk reportedly asked the DOGE co-creator about running the Python script.

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Elon Musk

As Palmer continued to criticize Musk, the billionaire showed his support for Dogecoin by adopting it at SpaceX.

Dogecoin co-founder states the obvious yet again

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On his official Twitter account, one of the Dogecoin project’s founders sent a crucial reminder regarding his affiliation to the cryptocurrency in its current incarnation.

Billy Markus stated in his post that he is no longer working on Dogecoin. Despite being one of DOGE’s most prominent ambassadors, he left the meme-currency seven and a half years ago and has no plans to return.

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Source: Twitter

Though some people disagree with his move, his goal is to demonstrate what true decentralization is. Even thoughthe fact that the meme coin’s environment is not the most technically proficient in the market, it is still under continuous development.

“Shibetoshi Nakamoto” has also spoken on the cryptocurrency market’s definition, humorously portraying it as a mix of “hopium,” “fomo,” fear, and other circulating phenomena. He also mentioned that studying human nature in relation to money is fascinating.

Despite his distance from the project’s core, Markus feels that the DOGE ecosystem benefits from the speculation that surrounds it. He also stated that the meme token team’s primary focus in the present and future should be on utility.

Markus has often told his subscribers that he is unconcerned about the price of Dogecoin. The community’s anger stems from the fact that DOGE has lost more than 85% of its value since its all-time high.

Dogecoin’s new plan to go bullish

Dogecoin, the first memecoin to hit the cryptocurrency market, offers a tip for intraday traders in the form of a symmetrical triangular formation, which might propel DOGE higher if it plays out in favour of bulls.

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Source: trading view official website

A symmetrical triangle is considered a bullish pattern by traders since it usually leads in an upward breakout. However, traders should not overlook the likelihood of a bearish situation in which an asset violates the pattern’s lower border and accelerates downhill.

However, DOGE is more actively probing the formation’s lower border, implying a short-term decline rather than an upward rally. At the time of writing, Dogecoin (DOGE) was priced at $0.08714 with a surprising daily rise of 2.59% according to data from Coin Market Cap.

Shiba Inu’s Burn Rate Hit A Blistering 1091% In 24 Hours

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Shiba Inu saw a record-breaking 13 billion SHIB tokens being permanently moved into dead wallets in the last 24 hours. Data from Shibburn, which tracks all transactions of the meme coins showed that the burn rate reached a new high of 1091% on one occasion.

Apart from that, a mysterious Shiba Inu whale wallet has destroyed a whopping 10 billion SHIB tokens valued at nearly $124,300 at the time the transaction was initiated. It’s also worth noting that the massive SHIB burn only took the whale a single transaction.

In April, the team launched the burning mechanism that enabled holders to permanently destroy their tokens. Since that, tens of thousands of people have visited the Shiba Inu burn site, which is often regarded as the largest community-led burn from the time the initiative was introduced.

This is due to the fact, that in just 24 hours, more than 8 billion SHIB tokens had been torched. Tokens are burned so as to remove them permanently from circulation. Asset holders first transfer the coins to a burn address, i.e. a wallet from which they cannot be retrieved.

A burnt cryptocurrency decreases the circulating supply, making the tokens scarcer. A scarcity might lead to an increase in the price of the tokens, benefiting investors, though it is not always guaranteed. 

To calculate burns, three addresses are used: two dead wallets with no usable keys and tokens sent to the Genesis address [Black Hole], reducing the quantity of each of these coins by one.

Shiba Inu and Doge locked in a closed Twitter fight

However, SHIB’s burn attempts are yet to make an impact on the asset’s price movement. According to CMC, the Shiba Inu price is trading at $0.000012 and has been down by almost 3% in the last 24 hours.

Despite the token’s dull performance, the Shib community unaffected by the price continues to grow rapidly and has recently surged above 3,332,470 million followers on Twitter.

Its closest rival DOGE has so far managed to remain one step ahead but now it seems tables have turned as both the meme coins are locked in a close battle in terms of their followers count on the social media platform.

That said, SHIB recently acquired approximately 15,000 new wallet holders amidst the market-wide slump.

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There Is A New Dogecoin Follower In Town! Guess Who?

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Dogecoin has got its new admirer in the form of Amazon Legend Jeff Bezos. Of late, Twitter has been abuzz with discussions revolving around the e-commerce giant’s former CEO after he started following DOGE co-founder Billy Markus on the social media platform.

One Twitter user asked Bezos to accept the meme coin on Amazon and tagged Elon Musk saying he will be happy to order a prime membership on live tv!

Others joked that the meme coin is now the “only thing common” between two of the world’s most powerful CEOs.

Besides being the most vocal advocate for DOGE, Musk has a long history of rivalry with Bezos and mainly feuds over their respective space ambitions — the former runs SpaceX, while the latter launched Blue Origin.

Jeff Bezos

Interestingly, the speculation that Jeff Bezos might be the second lead, was first suggested by crypto-analyst YouTube channel “Self Made” in 2021. In it, the financial expert quoted,

The adoption from someone like Bezos can set Dogecoin to $1 in less than 24 hours. Not only would it have the approval of Bezos, but it would be supported by the two richest men in the world. That is something that is only seen once in a lifetime.

Dogecoin gains more utility

Musk’s recent Twitter buyout [which has not been yet completed], sparked speculations that the meme coin will be incorporated in one way or the other.

Andy Jazzy, who has taken the reins from Bezos as Amazon’s CEO, reportedly said in an interview with CNBC that the tech giant could consider selling non-fungible tokens in the future.

“We’re not probably close to adding crypto as a payment mechanism in our retail business, but I do believe over time that you’ll see crypto become bigger,” the CEO added.

In another positive development for the asset adoption, DogeDesigner, a UX/UI specialist and graphic designer at Dogecoin Foundation, tweeted that over 455 Million WordPress Websites can now accept the token using the WooCommerce plugin “Easy Dogecoin Gateway”

The plugin allows WordPress websites to accept Doge payments simply by using the token addresses, without the need for any third-party payment processors, banks, or additional fees. 

Dogecoin Rallies By 33% After Elon Musk’s Twitter Takeover

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On 25th April, Dogecoin registered a spike of 33% after news broke of Twitter accepting Elon Musk’s $44 billion buyout offer to make the social platform private. Musk has been a major driving force for the meme-based cryptocurrency, often causing a ripple effect in the token’s price with just a single tweet,

The latest development made Doge’s price shoot up to $0.1673 on 25th April, up 26%, to extend its gain after rallying 7% earlier in the day.

Following the groundbreaking takeover, there have been widespread online speculations that a plan to integrate dogecoin into the platform is imminent.

Earlier this month, Musk, in a series of tweets announced buying a 9.2% stake in Twitter and proposed changes to the platform’s subscription service Twitter Blue, saying it could possibly be adding Doge as a payment option for the service.

After rejecting a Twitter board seat, Musk put forward his intention to buy the platform on April 14. Before Musk secured funding, the board was expected to reject his proposal and launched a poison pill defense on April 15, a move that is designed to prevent hostile takeovers. 

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Dogecoin is now the 10th largest cryptocurrency by market cap

The meme cryptocurrency was originally created as a joke in 2013, but it has emerged as the 10th-biggest cryptocurrency by market capitalization, according to CoinMarketCap. Following Musk’s acquisition, Crypto Twitter was rife with memes and parodies.

One of them termed it “A Big win for free speech and for Doge”. Some users went into creative mode by drawing caricatures of the meme coin’s dog mascot superimposed with that of Twitter’s bird logo. Others proclaimed it as “one step closer to the global adoption of Dogecoin as the currency of earth”

Even the co-founder of the social media platform, Jack Dorsey endorsed Elon Musk’s Twitter purchase quoting, “This Is the Right Path and the “closest thing we have to a global consciousness.”

Musk has been a huge proponent of Dogecoin, going so far as to call himself the “Dogefather” in a tweet last April. When he tweeted last December that Tesla would be accepting Dogecoin as payment for branded merchandise, its price increased 33% from about 16 cents to 21 cents, according to CoinGecko.

Elon Musk Teases Dogecoin Payment Option On Twitter

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Ever since Dogecoin’s evangelist, Elon Musk became Twitter’s largest shareholder, the tech billionaire posted ideas, sought opinions, and conducted poll surveys all of which aimed at revamping the platform. One which rightfully stood out is the proposal to add DOGE as a payment option, sending the crypto community into a tizzy.

Musk, a well-known backer of the meme coin, managed to pump the DOGE price for a brief period of time by featuring Dogecoin’s Shiba Inu dog mascot in the “Cyber Rodeo” event during the launch of Tesla’s new gigafactory.

In addition to that, he said that Tesla is working on futuristic charging stations where users can pay in DOGE. Musk’s support helped the asset to reach among the coveted top ten largest digital assets by market cap.

The billionaire CEO of Tesla and SpaceX who now owns 9.2% of Twitter is a prolific Twitter user and has a magnetic effect on markets through his tweets. On 5th April, Elon Musk was appointed to Twitter’s board of directors and said he looks forward to working with the board to make “significant improvements to Twitter in the coming months.”

Elon Musk on his mission to “shake things up”

Musk, on Sunday, focused his attention on the social media giant’s first subscription service Twitter Blue. He suggested that the platform’s subscribers deserve an “authentication checkmark”, and a host of other features and perks, including bookmark folders, undo tweet option, and reader mode, among others.

In a series of tweets on 9 April, Elon Musk suggested there should be no ads and that the subscription price should be affordable.

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Just like Twitter announced its ETH tipping feature on the platform, Dogecoin’s founder Billy Markus also called for a similar feature for DOGE a few months back. Now after Musk hinted at a possible integration, Markus rallied behind the proposal saying that “this is good for dogecoin” in his tweet.

Many in the Doge Army is expectedly waiting for Musk to finally add the coin to Twitter as a tipping feature or integrate the cryptocurrency in some way or the other. With Musk now on board, this looks very much possible.

Dogecoin goes ‘Woof’ in the sky, at Tesla event

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Elon Musk, the CEO of Tesla, has inspired a spike in Dogecoin, the world’s largest meme token. The eccentric technocrat has propelled Dogecoin to new heights for the second time in the last week. Musk used drones to project Doge while hosting ‘The Cyber Rodeo’ party in Texas.

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The Tesla CEO has been a huge supporter of DOGE. While Musk was speaking to the audience, someone yelled, “To the moon!” “To the moon indeed,” Musk said in response.

DOGE took off as a result of this. Over the past 24hours, the altcoin has risen by approximately 1.10%. At the time of publication, the canine-themed cryptocurrency was selling for $0.1464. DOGE had a great week, with gains of up to 6.07 percent.

According to Ganesh Kompella, Venture Partner at Tykhe Block Ventures, Elon Musk has manufactured a gigantic ‘Doge’ out of drones, and it has been rallying high since then. He further added,

“The world’s richest man is obsessed with this meme coin. With this drone show coupled with him being on Twitter’s board, one can assume some more fireworks are on the way.”

Billy Markus hails Dogecoin in the sky

DOGE was on its way to reclaiming its kingdom after being overshadowed by Shiba Inu’s popularity. However, at the time of press, Shiba Inu was priced at $0.00002468 with a daily drop of 0.64%.

Despite being a meme coin, DOGE was pushed to the sidelines when the meme coin revolution began in 2021. With Elon Musk gaining ownership of Twitter, the community expects DOGE to become more prominent.

DOGE’s inclusion in the Twitter tipping jar feature is much desired. While Twitter has been slow to respond to community pleas for the meme coin to be included in its platform, Musk’s recent acquisition could change that. Billy Markus, the coin’s co-founder, recently tweeted about the reasons why Twitter should incorporate DOGE.

Being the social media platform’s top stakeholder and a board member has its own set of advantages. As a result, the community assumed Musk would be working on a number of Dogecoin-related projects in space.