Benefiting from the huge appeal of the world’s richest man, Dogecoin has begun to enter the field of vision of more people, but at the same time its price has experienced a roller coaster-like rise and fall.
Editor’s note: This article from the news interface, author: Lin Wei Division.
On April 1, the self-styled “Master of Coin” (Master of Coin) the world’s richest man Elon Musk announced on social media that “SpaceX will send a Dogecoin to the moon”, given that April 1st is April Fools’ Day, and it is not yet confirmed whether Musk’s remarks are true. SpaceX is another star company under Musk’s name and one of the most advanced commercial aerospace companies in the world.
Although it is not yet known whether Musk really wants to do this, the cryptocurrency exchange market is moving with the wind. After the news was released, the price of Dogecoin rose linearly, with a daily increase of 19.50%, the highest increase of more than 30%, and the market value rose to 8 billion US dollars. As of April 2020, the price of Dogecoin has risen 13 times during the year. Dogecoin is the most famous air currency among crypto assets, and its price is only a few cents for a long time. Many retail investors have used the label “Dogecoin ten thousand coins” as the label to laugh at themselves in the community.
This kind of air coin, which uses the “dog head” image as the logo in the emoticon pack, has repeatedly appeared in the circle, attracting the attention of many people, but its birth is just an accidental joke.
Since Satoshi Nakamoto created Bitcoin in 2009, cryptocurrencies have begun to appear one after another. In 2013, the cryptocurrency ushered in the first wave of bull market. Many altcoins were born in an attempt to replicate or even replace the status of Bitcoin. Compared with the already volatile Bitcoin, these altcoins have repeatedly appeared in the market. The one-hundred-fold increase is a gimmick that first attracts retail investors to the car, and then maliciously smashes and cuts the leeks.
This kind of abuse was dismissed by Australian entrepreneur Jackson Palmer and software engineer Billy Markus. Jackson Palmer initiated a discussion on social platforms, trying to be a pure air coin, and satirize the altcoin market that was flooding at that time. When software engineer Billy Markus saw it, he deeply agreed that the two decided to create a new cryptocurrency-Dogecoin.
After announcing the news on social media, Billy Markus wrote the Dogecoin program code within a week. Naturally, there is no technological innovation in such a short period of time, but some code of Bitcoin Copying and modification have made Dogecoin a large number and fast transfer, cheap and convenient, and become one of the cultural genes of Dogecoin.
On December 6, 2013, Dogecoin was officially launched. At that time, five ministries including the People’s Bank of China just issued the “Notice on Preventing Bitcoin Risks,” and Bitcoin began to plummet. Dogecoin bucked the trend and tripled.
But from 2013 to 2019, dogsThe price of Dogecoin has always been maintained at around a few cents. People regard this kind of cryptocurrency with black humor as a typical representative of air currency. In foreign countries where tipping culture is prevalent, Dogecoin, as a small and large digital currency, is very suitable for this culture and has become easy for people. A tip currency that can be given.
At the same time, the Dogecoin Foundation and its supporters have a lot of commendable charity initiatives. They have donated $55,000 to NAS racer Josh Wise to help him participate in the race, and also donated to help the “Jamaica sled team.” Embarking on the Sochi Winter Olympics with three Indian athletes, and the Dogecoin Foundation sponsored another $30,000 to solve the water crisis in Kenya, which is full of positive energy.
On April Fool’s Day in 2019, the Dogecoin community launched a joke vote, inviting everyone to choose the Dogecoin CEO in their hearts. Among the candidates, including the founder of Ethereum and Satoshi Nakamoto, Musk Gao The vote was elected. Everyone took it as a joke, but Musk actually changed his note to Dogecoin CEO, and has been a Dogecoin platform ever since.
Benefiting from the great appeal of the world’s richest man, Dogecoin has begun to enter the field of vision of more people, but at the same time its price has experienced a roller coaster-like rise and fall.
In February 2021, when the Chinese were celebrating the Chinese New Year, a storm of retail investors vs. short funds occurred in the Wall Street financial market. In a section of Reddit in the United States called WallStreetBets (Wall Street Gamblers), retail investors This assembly charge, called on members to buy “junk stocks” GameStop (Game Station) that was heavily shorted by Wall Street institutions. This is a listed company that sells game products offline and is on the verge of bankruptcy. It is one of the most short-sold stocks in 2020. .
In order to protect their childhood gaming memories, and at the same time vent their dissatisfaction with Wall Street financial giants’ control of the market, crazy retail investors rushed to buy the shares of Game Station, which caused the stock price to soar more than ten times, causing Wall Street bears to lose. With billions of dollars, the well-known short-selling fund Citron finally had to surrender and declare that it would never go short. Retail investors who have tasted the sweetness have moved to other fields, and “positive energy” projects such as Dogecoin have become one of the targets of retail investors.
On February 4th, Elon Musk sent three consecutive tweets to support Dogecoin: “There is no noble and humble, you don’t need to be a rich man to have it. Dogecoin is the people’s cryptocurrency.” Affected by this. , Dogecoin pulled rapidly for a short period of time, with the highest increase of more than 70% in the day, and then quickly pulled back.
This is a departure from the original intention of Dogecoin. On February 13, Billy Markus, one of the founders of Dogecoin, wrote a letter to all Dogecoin enthusiasts on the Dogecoin section of Reddit. In the letter, he said that he had put all Dogecoins in 2015. The coins were sold, and the income from buying a second-hand Honda Civic. At the same time, he emphasized that the real value of DogecoinGive the world “positive energy”.
By February 26, foreign media reported that the US Securities and Exchange Commission (SEC) was recently intervening and investigating whether Musk was suspected of using his personal social media account influence to manipulate cryptocurrencies such as Dogecoin.
Obviously, Elon Musk, who had had several frictions with the SEC, was not scared, and continued to cheer for Dogecoin on social media. And investors don’t care what the founder of Dogecoin said. Musk has become the spiritual leader of Dogecoin. But it is worth noting that whenever the price of Dogecoin rises for a short time, it will always be accompanied by violence, and the price will fall again, causing heavy losses for speculators who follow the trend at high positions.
In response to the overheating market of Dogecoin, Ouke Cloud Chain Research Institute told the interface news reporter: “Dogecoin now has some fan-economy characteristics. It can be said that compared to other mainstream currencies such as Bitcoin and Ethereum Encrypted digital currency, Dogecoin, both in terms of technological innovation and application scenarios, are seriously inadequate. But Dogecoin is currently strongly endorsed by Musk, regardless of whether it was the CEO of Dogecoin some time ago. ‘, or at present Musk announced that SpaceX will bring a Dogecoin to the moon, which has earned enough attention for Dogecoin and brought huge attention. It can be said that the future rise and fall of Dogecoin will be very large. The extent will depend on Musk’s “carrying goods” effect.”