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Dogecoin and Other Meme Coins - The Elon Musk Effect

08/19/2021
by Admin Admin

Dogecoin and Other Meme Coins - The Elon Musk Effect

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Elon Musk-Troll or Crypto Supporter?

Tesla CEO Elon Musk is great at marketing (some would just say trolling). But his influence in the crypto space is something that should not be taken lightly. On February 4, 2021, Elon Musk started tweeting memes about Dogecoin, tweeting "Dogecoin is the people's crypto". Is Dogecoin the next bitcoin? Some say yes, others say no.

Dogecoin was originally just a meme coin, and was even created as a joke. Doge is widely regarded as the top meme crypto coin, not just in terms of popularity but also in terms of trading volume, market cap, and merchant acceptance. However, much like other digital coins, it is highly volatile and its price is heavily influenced by social media users.

Elon Musk, the founder of Tesla, tweeted out a picture of a fake magazine with a Greyhound on the cover entitled "Doge". Reddit users took this to mean Musk was backing what they're doing, according to Kharpal. As doge was becoming more popular, Elon Musk asked his Twitter followers, “Do you want Tesla to accept Doge?” Many people have noticed a trend: When Elon Musk tweets, crypto prices move. 

Thanks to celebrities like Elon Musk, dogecoin rose from 0.01 to about 0.80. It rose to number four in coinmarketcap due to his promotion of this meme cryptocurrency. What triggered the Dogecoin price surge? On April 15, Tesla CEO Elon Musk tweeted “Doge Barking at the Moon” to his 51.4 million followers. Elon Musk’s rocket company, SpaceX is expected to go on a Moon voyage in 2022 carrying something called a cubesat -- a mini-satellite used for space research. And it's supposed to be paid for entirely in Dogecoin.

At its peak, dogecoin experienced a year-to-date gain of over 15,000%, which is more than quadruple the gains on the S&P 500, including dividends, since 1988. However, the cryptocurrency has since Mr. Musk’s SNL appearance, roughly falling 62% from its record as of mid August 2021. At its peak, the cryptocurrency amassed a market cap above $93 billion.

 Shortly after Elon Musk's tweets, dogecoin became so popular that even coinbase, a highly selective and regulated cryptocurrency exchange listed doge. Dogecoin is also listed on binance, Kraken, crypto.com, and many more meme coin exchanges like buymemecoins.com.

Other Meme Coins

His effect has not been limited to doge coin, though. A meme coin based on the patriarchal pet, baby doge coin (crypto), spiked after Elon Musk tweeted about babydoge. In a tweet that spoofed the popular kids' song, "baby shark", Musk tweeted the following:

"Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge"

According to CoinMarketCap, Baby Doge coin experienced a 70% price surge in 24 hours in July. The coin jumped from $0.0000000012 to a high of $0.000000002187.

Elon Musk Altcoins and Crypto Meme Coins

Elon Musk has not only pumped and dumped many existing crypto coins, but has even been the inspiration for many new meme crypto coins. There’s a whole genre of coins related to Elon Musk, including but not limited to:

ElonGate, Dogelon Mars (ELON), ElonSperm (SPERM), Stop Elon, and Elon Peg.

Where Can I Buy Meme Coins?

Where can I buy meme tokens? That's a question that a lot of people ask. The answers are typically hard to find, but there is an easy solution. Our website, buymemecoins.com , makes it easy for anyone located anywhere in the world to buy meme coins and meme tokens. We have the hottest meme coins and are constantly adding more. Check out our options here.


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