What is Dog Coin? Why does it rise and fall with Elon Musk?

Cryptocurrency Doc Coin went on a rocket ride to the moon and after Elon Musk had fun watching it over the weekend Live Saturday night Before announcing on Monday that his company would accept it as a formal charge for a trip to the moon.

If you do not understand that sentence, you are not alone. But read a primer about exactly what happens.

First thing first – what is doc coin?

TalkCoin was created by a couple of software developers who worked at Adobe and IBM, respectively, as a mockery of cryptocurrencies such as Bitcoin. Cryptocurrencies are a type of digital money that is used to pay for things in the online world. Most of them, including doc coin and bitcoin, are supported by an encrypted digital ledger transaction, called blockchain.

Named after a Shiba Inu dog An internet memory of that time, Cryptocurrency enthusiasts and online comedians began to trade doc coins for fractions of a penny. The value of the first doc coin that changed hands in early 2014.1 0.001540753 U.S. Today the same doc coin is worth 50 cents US dollars, which is more than 32,000 percent.

Although doc coin is technically part of the original blockchain that runs Bitcoin, it is not as secure as Bitcoin, nor is there a cap on the number of doc coins that might be the same as the bitcoin thing.

“Unlike many cryptocurrency schemes, doc coin wants, or pretends to be, anything other than the most fun currency in the world,” Alex Thorne, head of research at Galaxy Digital, a DSX-listed investment management investment firm, described in a research report last week.

What has Elon Musk got to do with this?

Definitely, nothing. But Kasturi, He recently became the richest man in human history, a big fan of cryptocurrency. Kasturi jumped on the Dodge train last year, which was mostly a joke, but over the months, his comments about Doc Coin on social media have added to its credibility.

His previous post about Doc Coin came on Twitter in April 2019, When he called it “my fave cryptocurrency”.

Only then did his affection grow.

His electric car company Tesla generally exerted great influence on cryptocurrencies after announcing earlier this year that it would accept bitcoin as a fee and keep bitcoin as an asset in its books.

Over the past quarter, the company has revealed that Already $ 1 billion worth of bitcoin is stored.

What happened this weekend?

Musk Hosted NBC’s comedy show Live Saturday night This past weekend, it led to speculation that he might be talking about the coin during the appearance.

Soon, the price of doc coin rose about 73 cents in the United States on Thursday, according to the cryptocurrency exchange Coinbase.

Watch | Elon Musk is having fun on Doc Coin on SNL’s weekend update:

In an SNL sketch, Musk, who appears to be an imaginary cryptocurrency expert, is asked to explain exactly what doc coin is, and with some happy back and forth, Musk’s character agrees that the whole thing is a “buzz”.

Elsewhere, Muskin’s character in the same painting says that Doc Coyne is “the future of the currency” and “an unstoppable financial vehicle that will conquer the world,” but the coin sold after the sketch aired was about 40 coins doge less early Sunday morning

Edward Moya, a market analyst with forex firm Onda, said large-scale Dodge began to sell fast.

“Twitter quickly focused on several whale alerts, which showed it was constantly abandoning the challenges of massive doc coin [the show],” he said.

Why is Doug Coin ‘going to the moon’ again?

When Musk tweeted about his space agency’s next mission on Monday, Doc Coin’s joke got a little more serious.

“SpaceX launches Dodge-1 satellite to the moon next year.” Kasturi tweeted Without describing.

Further details a Media release From the Geometric Energy Corporation, a Canadian manufacturing and logistics company. The company says it will launch a 40-kilogram satellite into orbit on one of SpaceX’s rockets. The publishing company said it would pay for the work at Doc Coin.

“This work will demonstrate the use of cryptocurrency beyond Earth’s orbit and lay the foundation for planetary trade,” said Tom Ochinero, vice president of SpaceX. “We’re excited to send Dodge-1 to the moon!”

CBC News asked Geometric how much doc coin pays in exchange for their place on the rocket. That investigation did not return immediately.

Following the news of the deal, the price of cryptocurrency rose on Monday, with the US topping 50 cents at one point. By the end of the day, however, the Dodge was going for about 46 cents, just below where they were before the show aired.

What’s next?

This is a multi-billion dollar question. (Or the pin was named for it in the style of a named monument: “Too much coin. Too much coin.”)

The flu trade in doc coin has pushed the total value of cryptocurrency to over $ 65 billion. It makes doc coin the fifth most valuable cryptocurrency in the world.

It’s worth more than the Canadian telecommunications company Teles, the grocery chain Loplas and the retail chain Canadian tire – together.

The sky may actually be the limit. Regardless of Musk’s wealth, you can see what’s going on with Doc.

But some financial commentators question whether Musk is responsible for commenting on cryptocurrency, as he has the power to move its price.

“I think he’s a lot of fun … he can say anything he wants about doc coin or cryptos, and he’s fully aware that saying something will move the price,” said James Angel, an associate professor at the McDonough School of Business at Georgetown University. In financial markets and cryptocurrency.

“Anyone who wants to play the Elon Musk game should be prepared to lose their money.”

Onda’s Moya said Muskin’s appearance could mark the pinnacle of Doc Coin’s popularity.

“At best, Doc Coin’s fate may be similar to GameStop, a hardcore retail army that has been optimistic for a long time,” he said.

Others are just as determined as Musk, and Dog Coin is here to stay.

“Dozin’s long-term fundamentals remain the same. This is a buying opportunity,” said Jehan Soo, managing partner of Kinetic Capital, a Hong Kong blockchain venture capital firm.

Pin agrees. “We do not expect DocCoin to become the most valuable cryptocurrency in the world at any time, but Doge should not be ignored,” he said.

“The longevity of Dog Coin is guaranteed as long as there is a promise: people want a good joke.”

Sophia Harrison

Part time worker

I'm Sophia Harrison working as a part-time staff at the Costco since the past year until I become as an author at the iron blade, hope I can use my experiences with the supermarkets here.

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