What started as a joke has turned into anything but that.
Dogecoin’s value and popularity has skyrocketed to space, it is amongst the most searched cryptocurrency coins and is talked about throughout social media, the internet, and the news.
This past weekend was momentous for Dogecoin as it reached all time highs to the 70s range when “The Dogefather” Elon Musk hosted Saturday Night Live.
If you’ve been following my posts you’ll see that up until the Saturday Night Live episode I fully believed that Dogecoin was going to reach that fabled $1 and then plummet back down to the bottom after the episode.
I, like so many others, was wrong about it reaching that $1… But I was right that the value of Doge was going to dump. And dump it did… Dogecoin fell as low as $0.43 USD.
It's unclear what was driving the Dogecoin sell-off. It’s possible that investors wanted Musk to say something more supportive of the cryptocurrency. The most likely scenario is that there was some "buy the rumor, sell the news" strategy, where traders buy an asset based on speculation in advance of an event and sell it after the event occurs.
Although Musk did say “Dogecoin to the moon!”some news sites say that investors ultimately lost faith when Dogecoin was termed “a hustle.”
So what’s going to happen now that the value plummeted? Will Dogecoin be forgotten and all the new crypto investors will quit investing in the crypto market?
The following day, May 9, it was announced that Elon Musk’s SpaceX would launch an unusual mission to the moon – DOGE-1 – the first mission ever paid entirely with the cryptocurrency Dogecoin.
SpaceX CEO Elon Musk confirmed the news on Twitter.
“SpaceX launching satellite Doge-1 to the moon next year,” he said, adding the mission had been paid for in Doge.
Last month in April Musk even tweeted that SpaceX would “put a literal Dogecoin on the literal moon” – at the time everyone thought this was just a joke, but now we clearly see it was a hint at the DOGE-1 mission.
Dogecoin is back in the game it seems, and the internet is back to full excitement. Conspiracy theories shower the internet that this drop in value was in fact planned by Elon Musk and it is just the beginning of something bigger that is yet to come.
“This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce,” SpaceX Vice President of Commercial Sales Tom Ochinero said in the press release.
“We're excited to launch DOGE-1 to the Moon!”
Are you convinced like many others that Dogecoin is here to stay? As long as Elon Musk continues to believe in it and continues to tweet about it, I fully believe that Dogecoin will eventually reach $1 USD and perhaps even more.
One person said it best, "Dogecoin's longevity is ensured so long as one truism remains: People love a good joke."
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*Disclaimer- I am not a certified financial planner/advisor, certified financial analyst, economist, CPA, accountant, or lawyer, or anything important for that matter. The contents of this article are for informational, educational, and entertainment purposes only and do not constitute financial, accounting, or legal advice. Always do your own research.*