What is Dogecoin and Why is Elon Musk So Interested

Unknown Speaker  0:01  

Welcome to the New To Crypto podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you, coming at you from the training center in the lifestyle design studio. Here’s your host Crypto Travels Michael.

Unknown Speaker  0:51  

Welcome to today’s episode. I’ve just found out that this podcast has become number one on Apple in the technology category in the country of Lebanon, and number two in Tunisia and Morocco. So those three countries, I welcome you thank you for bringing us to the top. And wherever in the world you’re listening, I welcome you as well. So, today’s episode is all about what is Dogecoin and why is Elon Musk so interested in it. So without further ado, let’s jump into today’s episode. What is Dogecoin? Well Dogecoin is a peer-to-peer open-source cryptocurrency. It’s considered an altcoin Dogecoin was created as a joke as a meme coin to be an amusing meme among its community. It’s based on Litecoin it has the same technology behind its proof of work. Dogecoin uses Litecoin script technology and is a proof of work coin. Originally launched by two software developers back in 2013. This is a long time ago in terms of crypto to friends, Billy Marcus and Jackson Palmer. Billy is from Portland, Oregon, and Jackson is from Sydney, Australia. Doge is available on many crypto exchanges around the world. Its popularity has grown even into the mass media market thanks to billionaire Elon Musk taking particular interest in Dogecoin. To date, Dogecoin has a large community, which is a big reason for its continued success, without a community to support a project. I think it’s fair to say that no cryptocurrency can sustain itself without a community behind it. An interesting note about Dogecoin unlike Bitcoin and other cryptocurrencies, which have a fixed supply, a specific amount of coins Dogecoin supply isn’t fixed. Here’s an excerpt from coin telegraph: Why can’t Dogecoin become a mainstream currency? Dogecoin supply perhaps serves as the main reason the coin comes with no limit on its maximum coin supply. On a daily basis, 14 million additional Dogecoin is minted having an inflationary effect on the assets value. In contrast, Bitcoin, for example, comes with a fixed 21 million coin maximum supply, giving it define scarcity. The current market cap for Dogecoin is currently just over $27 billion. And the current circulating supply of tokens is over 131 billion tokens. Currently, Doge is trading at just over 20 cents per token. Some of the exchanges that Doge is currently available on would be Binance Huobi, FTX, Coinbase, KuCoin, Gemini, Crypto.com, and others. So let me ask you, where does Elon Musk fit in with Dogecoin? Usually, people think of him when they think of Tesla or SpaceX. Well, Elon has found a particular interest in tweeting on Twitter about Dogecoin. Of course, his tweets, create a buzz around Doge, mean that he has 16 million followers. Needless to say, the doge community has expanded and has been positively impacted by Elon tweets and interest around Dogecoin. Here’s some tweets that Elon Musk posted this year that set the price of Doge soaring back in January, he created a tweet. Similar to Vogue magazine. He called it dog magazine cover that sent the price soaring up 682%. In February, he tweeted Dogecoin is the people’s currency, and Dogecoin value Rose 44%. Again in February three days later, he tweeted who let the doge out. And then Doge rose again. 57%. In April, he tweeted Doge barking at the moon, which catapulted Dogecoin and it rose 330% At the end of April, he has the doge father s en el for Saturday Night Live. It was an advertisement when he went on Saturday Night Live on May 8, and Dogecoin Rose 140%.

Unknown Speaker  5:54  

As always, this show is not financial advice. I just wanted to paint you a back backstory of a little bit of history on Dogecoin. So there isn’t a tremendous amount to cover when speaking about this meme coin project. So today’s episode is short and to the point. If you liked the episodes, be sure to like and subscribe to the podcast. I love reading your five-star written reviews, and I check them regularly. Remember to chime in here tomorrow for another special episode. Until then, make it a great day.

Unknown Speaker  6:31  

Thanks for tuning in to New To Crypto podcast. If you liked the episode, be sure to follow and subscribe. You can listen to every episode on all major platforms. Have an interest in being on the show or want advertising reach out at newtocrypto.io. Head over to our site newtocrypto.io to access the resources mentioned in each episode. Until next time, remember to navigate the crypto landscape with pinpoint accuracy.