Elon Musk Posts Photo of His New Shiba Inu 'Floki,' Dogecoin, and Baby Doge Cryptocurrencies' Values Increase
Elon Musk is back with a new project. The ‘Musk Effect,' which began over a week after Musk made a formal comment on cryptocurrencies and its future, appears to be still going strong, particularly with Tesla CEO Elon Musk's favourite cryptocurrency, Dogecoin. Dogecoin began as a prank.
The joke looks to have turned on people who didn't take the meme cryptocurrency seriously in early 2021.
In mid-April, Elon Musk's meme-cryptocurrency, which he couldn't stop tweeting about, reached a record high, crossing the $10 mark for the first time. This is the cryptocurrency's greatest price ever, and it's the product of a semi-ironic movement involving tens of thousands of online posters and the world's richest man, Elon Musk. Each token was worth less than a penny in early January.
DogeCoin's value soared to 7.5 cents, a 10-fold increase, when both the GameStop and DogeCoin movements were in full swing in late January, before plunging to 2.5 cents.
While Musk has consistently stopped tweeting about cryptocurrency (which has also been met with a lot of backlash from people who blame Musk for investing their money in it only to see it no longer rise), he announced in late June that he would be getting a pet Shiba Inu shortly, and that his Shiba Inu's name would be 'Floki.'
Musk updated his status on September 13 by posting a photo of his new puppy, Floki.
Dogecoin has gained +0.36% in the last 24 hours as a result of Musk's tweet, with the increase in value occurring at the same time Musk made the tweet, 3:50 AM (GMT +5:30).
Dogecoin wasn't the only cryptocurrency to rise; according to CoinMarketCap, Baby Doge Coin, a Dogecoin offshoot, rose by 1.80% in the last 24 hours. Doge Coin's meme father, Baby Doge, is said to have taught him a few tricks and teachings.
A project started by Doge community fans. Baby Doge wants to impress his father by demonstrating his enhanced transaction speeds as well as his adorableness. He's hyper-deflationary, with a built-in clever staking system that keeps adding baby doge to your wallet. 'Now all you have to do is love, pet, and watch your baby doge grow,' says the author.
This isn't the first time Musk has 'accidentally' increased the price of a cryptocurrency. It isn't the first, second, or third time.
Every time Musk mentions cryptocurrencies, the price of the cryptocurrency rises (frequently followed by a subsequent drop). Dogecoin is a digital token used for e-transactions that is similar to Bitcoin.
On Doge, a reference to the 'doge' meme, a shiba inu is depicted. It's a cryptocurrency, or digital currency, that, like bitcoin, allows for peer-to-peer transactions through a decentralised network.
Doge has also been used to contribute money to organisations since its inception. A few examples include the 2014 Jamaican Bobsled squad, which couldn't afford to attend the Sochi Winter Olympics, a Nascar driver named Josh Wise, and a Kenyan clean water project called Doge4Water.
Palmer, an Australian marketer, crafted a joke combining two of the internet's most talked-about topics: Bitcoin and Doge, at the height of the meme's popularity in 2013. He purchased the domain Dogecoin.com and posted a photo of Shibe on a coin.
"Get in touch if you want to make Dogecoin a reality," the website stated. Billy Markus, an IBM software developer on the opposite side of the planet, got in touch and activated Dogecoin. According to crypto statistics firm CoinMarketCap, Dogecoin has risen by more than 60% in the last 24 hours, with a 1,421 percent increase in trade volume.
Dogecoin reached a high of roughly two cents in 2018, just before collapsing along with the rest of cryptocurrency. According to reports, Dogecoin has lost approximately 90% of its value by early 2019 and was trading for a fraction of a penny until 2021.