Elon Musk and Dogecoin Keep Trending Up

Elon Musk and Dogecoin Keep Trending Up

May 5, 2021 0 By Stephen Callahan

Elon Musk seems to be having fun with the cryptocurrency Dogecoin, and people who have purchased this virtual money are getting in on the game too. Another stock superstar has been born out of Reddit and Musk’s Twitter account. These social media platforms have helped this digital company get traction.

Mr. Musk’s comments have certainly helped the company. Through Twitter, he may have swayed his vast followers to the door of Dogecoin. In February, he playfully twisted a famous musical verse about letting the dogs out, but he spelled dog like it is spelled in Dogecoin. He has retweeted drawings created by fans and other memes. His attention to the subject appears to be making millionaires.

On Reddit, owners of this cryptocurrency have been posting their accounts. One poster has been getting a lot of attention because he now has almost $1 million. His excitement is infectious, and it is causing lively discussions. Some of the topics that revolve around this shopping spree are GameStop and the influence that small players are having on startups and all companies.

Dogecoin is not as popular as Bitcoin yet. Dogecoin was recently ranked as the sixth most valuable virtual money. Before the comments by Elon Musks, it was not even on the radar. The company had been clawing its way up the cryptocurrency ladder for almost a decade, and at first, it was all fun and games. Because of the attention from Musk and Reddit, it is blossoming into a viable product.

Speculators using many social media platforms are beginning to wonder if this will become the universe’s currency. It is well-known that Musk is heavily involved in space exploration, and he wants to create a lunar colony. If his passion for Dogecoin is real, it is not hard to imagine it as being his currency of choice when he establishes his space community.

At first, it did seem like a joke because a funny dog is the coin’s logo. The animal has been turned into artwork and memes. The puns are plentiful, but the owners are laughing all the way to the bank. One Reddit user posted that he bought a few dollars of Dogecoin, and after that, it started to trend upwards.

Of course, no one can predict how long this fad will run, but it will likely continue its momentum with attention from celebrities. Reddit has other groups that actively watch the stock market, cryptocurrency, and this coin, so there is no shortage of more viral-making opportunities.