How Celebrity Opinion Has Helped Dogecoin?

Dogecoin is a cryptocurrency developed by Jackson Palmer and Billy Markus, an Australian. Launched in 2013 as a joke, it is now listed on popular crypto exchanges like Binanace, Huobi Global, and HBTC. Since its inception, this coin is known for donating to causes and charities. When compared with Bitcoin, where its supply is limited, Dogecoin was designed to be inflationary, and its supply is endless. Jackson Palmer left the Dogecoin project in 2015, and ever since, there have been no further upgrades.

Dogecoin: Key Takeaways

• Dogecoin is an open-source and peer-to-peer cryptocurrency that is based on Litecoin, and it was originally designed as a simpler alternative to Bitcoin, Litecoin, and other digital currencies.
• During the Cryptocurrency bubble in 2018, Dogecoin’s value increased significantly. When the bubble burst in 2018, it lost its value, yet it has several supporters who are using it to trade and tip on Twitter.
• The Dogecoin wallet can be accessed on a browser, PC, computer, or smartphone. It can be used to buy goods and services and can be traded for other currencies, like cryptocurrencies or traditional currencies like US dollars.
• Dogecoin was popularly used for tipping Reddit users who share or create great content. It can be compared with an “upvote” or a “like”.
• Dogecoin’s user community was recognized as the friendliest in the crypto community in the crypto world. This online community is known for donations, charities, where they help in resolving various environmental disasters by working on social platforms for a good cause.

Celebrity Opinion: What Does Big Name Say About Dogecoin?

Dogecoin has a large number of followers on social media; the coin has over 100K followers on Twitter, according to DOGE News. Reddit hosts a Shibe group where users tip each other Dogecoin; the community is also popular for raising funds for charitable causes. 

Even though Dogecoin has been designed as a joke, few crypto personalities have shared their views about Dogecoin –

Elon Musk‘s “It’s inevitable” tweet

On July 18, 2020, Elon Musk, CEO of Tesla and SpaceX, tweeted about Dogecoin; the tweet had an image of a large storm having the face of Dogecoin’s Shibu Ina with the text “dogecoin standard” taking over a small town that had the text “global financial system”. Is Musk hinting at domination? We’ll never know. He’s as cryptic as his tweets.

After his tweet, Dogecoin price rose from $0.003052 to $0.003433; a 14% increase.

Dogecoin Is “Not a Joke,” Says OKEx CEO Jay Hao

CEO of OKEx, Jay Hao, made a few positive remarks about Dogecoin. He mentioned it enjoys healthy development, longevity and provides features that are not found in other cryptocurrencies:

“Despite showing the lighter side of cryptocurrency, it is not a joke and has shown healthy development and longevity.” He also stated that how DOGE is “used for tipping on Reddit and Twitter has shown that it can achieve instant transfer for micropayments in a way that not many major cryptocurrencies can.”

“Dogs rock” tweeted Elon Musk

Elon Musk is known for his humorous tweets about cryptocurrencies. So he tweeted another cryptic, “dogs rock” on March 3. The tweets included an image of a dog celebrating its birthday, having no concept of numbers  

Elon musk, Again: “Dogecoin might be my fav cryptocurrency. It’s pretty cool”

In April 2019, Dogecoin tweeted a poll on April fools day asking its followers who should be the coin company’s next CEO: Elon Musk, Vitalik Buterin, Charlie Lee, Elon musk, or Marshall Heyner. Musk won the poll; he later tweeted:  

“Dogecoin might be my fav cryptocurrency. It’s pretty cool,”

Did These Shout-Outs Help?

• The cryptocurrency boom in 2017 helped prices move upward, and it attracted the attention of people who wouldn’t have thought about cryptocurrencies: Snoop Dogg, Paris Hilton, Bill Gates, Johnny Depp, and Mike Tyson have all shown their interest in cryptocurrencies.
• Aside from Elon Musk’s tweets and Dogecoin, there was a drastic change in crypto value due to celebrity endorsements. When celebrities with large audiences share their interest in specific digital tokens on social media,  they are promoting coins to various groups who might not have known about it before. Check out DOGE price prediction for the future by experts before investing in it.
• For example, Elon Musk might not be a serious crypto fan, yet he has revealed his support for Dogecoin through Twitter, where he remarked that Doge was simply the best digital currency out there. And December 20th’s  tweet (“One Word: Doge) got the coin’s shares up to 20%.

Final Words

Since 2015, there have been no major updates from Dogecoin, and a few instances on social media have led to a pump and dump in prices. When the hype was over, the prices deflated. Reddit supports Dogecoin, and if in the future, it adds new features or any new services, it might allow members to use Dogecoin as a payment method, which might increase its value.