New to Crypto Logo

What is Dogecoin and Why is Elon Musk So Interested

New To Crypto Podcast Logo image

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.

By: cryptotravelsmichael
0

Table of Contents

Welcome to the latest podcast episode! Say, were you around for the viral crypto meme? Which one? Well, the cryptocoin that was released as a meme and ended up becoming quite the legit thing. 

That’s right – today’s episode revolves around a particular crypto coin known as the Dogecoin. Let’s get into what this is and how Elon Musk ended up making it as legit as Bitcoin.

What Is Dogecoin? 

Dogecoin is represented by a Shiba Inu. If this breed of dog seems to remind you of another cryptocoin, that would be because the other meme coin, Shiba – also gaining massive popularity in recent times – was made as a reference to the Dogecoin. 

In 2013, Dogecoin (DOGE) was founded as a fun alternative to existing cryptocurrencies such as Bitcoin. The Shiba Inu emblem and moniker are based on a meme. This was created by the software developers and online friends Billy Marcus and Jackson Palmer. 

Unlike Bitcoin, which was created with a limited quantity in mind, Dogecoin is supposed to be widespread, with 10,000 new coins produced each minute and no cap on the total amount.

Dogecoin can be used to make payments and purchases, but it isn’t a particularly good store of value. This is primarily due to the fact that there is no lifespan limit on the number of Dogecoins that may be mined, making the cryptocurrency highly inflationary by design.

The blockchain compensates miners for their efforts by producing millions of new Dogecoins daily, making speculative price rises in Dogecoin challenging to sustain over time.

The Dogecoin blockchain record, which is frequently updated with all new transactions in the cryptocurrency, is carried by all holders in an identical copy. The blockchain network of Dogecoin, like those of other cryptocurrencies, uses encryption to keep all transactions secure.

Miners receive more Dogecoin in exchange for processing transactions and supporting the blockchain ledger, which they may then keep or sell on the open market.

It's an unstoppable financial vehicle that's going to take over the world.

- Elon Musk

Here's What We Discussed in Detail in This Interview

  • What is Dogecoin
  • History and Founders of Dogecoin
  • Availability on Exchanges and Popularity
  • Why is Elon Musk so interested in Dogecoin?
  • Elon’s impact on the price of Dogecoin

Killer Resources

HOW TO REACH TO CRYPTO TRAVELS MICHAEL

Final Thoughts

There is very little incentive to keep Dogecoin for the long term because there is no lifetime restriction on the quantity of Dogecoins that can exist. Millions of new Dogecoins are put into the economy daily.
Purchasing any cryptocurrency, including Dogecoin, entails some risk. It’s always a good idea to buy a few coins and get to know the system, but it’s definitely better not to invest more than a little amount of your hard-earned cash in a cryptocurrency that began out as a meme.

Share this podcast with a friend or family member, join our newsletter at https://newtocrypto.io/ and leave a review on Apple Podcasts. Let me know your thoughts on this episode.

Share This…

Subscribe

Related Posts

Leave a Reply

Your email address will not be published.

team

Crypto Travels Michael

Founder

Helping those to navigate the crypto landscape with pinpoint accuracy.

  • Really helpful podcast
    June 12, 2022 by Peter S. Pickett from United States

    Great listen for anyone interested in what is going on in their crypto - It's been great listening to them.

  • Loving this podcast
    June 12, 2022 by Ray S. Penny from United States

    Very informative

  • Great discussions
    June 12, 2022 by Daniel E. Houston from United States

    Really appreciate you crypto making this! Much appreciated

  • Brilliant
    June 12, 2022 by Abrams231 from United States

    This is a well informed, interesting podcast for anyone looking to find out more about crypto matters. The topics are varied and well researched and I’ve learnt so much from it

  • Fantastic Podcast
    June 12, 2022 by Jeremiah E. Crowe from United States

    A great podcast, not so long as to ramble but discusses a wide range of topics, well presented and easy to listen to.