Tesla founder Elon Musk, known as the godfather of Dogecoin (DOGE), reaffirmed his support for Dogecoin in an interview on Twitter Spaces last month, saying: " Dogecoin To the moon ".
He also said that Twitter, which he had just acquired, would be committed to making the transaction of meme coins (meme) easier, and for a while the topic was raised again, raising the price of DOGE coins.
Started as a joke, but became the eighth largest cryptocurrency by market value
We all know that the birth of Dogecoin was originally just a joke. Two American engineers, Jackson Palmer and Billy Markus, simply took the source code of Bitcoin and modified it to create today's Dogecoin (DOGE). Before starting to discuss whether Dogecoin can really become a popular payment token, let us briefly review its history.
Dogecoin Important History:
- December 2013: Officially born.
- June 2014: The Dogecoin Foundation was established to maintain the project.
- April 2015: Co-founder Jackson Palmer leaves Dogecoin.
- January 2018: Dogecoin ushered in a breakthrough of 0.016 US dollars and a market value of more than 2 billion US dollars, but then fell sharply.
- July 2020: The price of Dogecoin rose sharply by nearly 100% due to the meme-like spread on TikTok.
- The first half of 2021: Musk expressed his love for Dogecoin on Twitter many times. At that time, the price of the currency often rose and fell because of his words or a picture, and the ATH-All Time High once stood at $0.74.
- October 2022: Musk officially took over Twitter, Dogecoin soared simultaneously, once climbing from about $0.06 to nearly $0.13, directly doubling.
Further reading: The community is crazy about "Dogecoin to PoS"! Doge developers refute rumors: the foundation has no right to upgrade the network
The highest point of DOGE is $0.74! Musk takes credit for it
The current historical high of ATH-All Time High is $0.74 in May 2021! In addition to the prevalence of memes in the community, it has to be said that Musk did play a key role in it. Without his global influence, Dogecoin might not be able to achieve such an amazing record.
Will Twitter Bring Huge Growth Momentum to Dogecoin?
In this context, the topic that has been widely discussed in the community recently is that after Musk acquires Twitter, he may be able to expand the application scenarios of Dogecoin in one go.
Dynamic Zone has previously reported that Twitter is suspected to be developing a token Twitter Coin for tipping. Many Dogecoin fans are looking forward to it. Is this Musk’s warm-up exercise before officially supporting Dogecoin?
When Musk himself responded to community questions in November, he alsohinted at the possibility of introducing Dogecoin into Twitter payments. A Dogecoin supporter tweeted at the time:
Twitter has approximately 396 million users worldwide, imagine if Dogecoin became Twitter's currency!
Further reading: Twitter Blessing "Dogecoin rose another 80% to $0.15! Doge will somehow merge with Twitter?
The grassroots nature of Dogecoin is deeply loved by users
In addition to Musk's strong push and Dogecoin's native meme characteristics, the tipping culture prevailing in the United States is also one of the reasons for Dogecoin's popularity. In Europe and the United States, if you provide good content or services on the Internet, people will be happy to pay a small tip to express their support.
However, the high transaction fee of Ethereum makes people tend to use the cheaper Dogecoin, and the low transaction fee and the nature of its own entertainment make more and more users like to use Dogecoin for rewards; currently Major community platforms have also successively launched expansion tools that accept Dogecoin rewards.
Further reading: Dogecoin Benchai "Kabosu" is rumored to be critically ill, celebrities in the currency circle hope for a speedy recovery
More than 1,300 businesses have accepted payment in Dogecoin
We know that if cryptocurrency is to become more popular and truly integrated into the lives of ordinary people, it must reach the consensus of more people and be willing to use it as the basis for payment.
According to community statistics, so far, more than 1,300 businesses have accepted Dogecoin as a payment method, further promoting the practicality of Dogecoin. Some of these large players include:
- American bitcoin payment service provider BitPay has supported customers to use DOGE to pay for delivery to Uber Eats, the leading delivery platform .
- AMC, the largest movie theater chain in the United States, announced that it has accepted customers to use DOGE to pay for movie tickets.
- Musk also announced in the middle of this year that the " Casino Tunnel " built by his Boring Company can use DOGE payments.
- …
Promote charity to gain a good impression
It is worth mentioning that the example of the Dogecoin community promoting social charity is often talked about.
For example, the Dogecoin community raised $30,000 in a few hours to help the Jamaican bobsled team participate in the 2014 Winter Olympics in Russia. Another community called "Doge4Kids" also successfully donated to charity $30,000. With many well-intentioned and friendly applications, it has subtly enhanced the public's good impression of Dogecoin.
What worries dogecoin have in the future?
Although Dogecoin currently has the potential benefits mentioned above, there are still some hidden worries, including: apart from being used for rewards, there are almost no related ecological applications, whether the celebrity effect will lose popularity, and what if Musk abandons it? manage?
From a long-term perspective, without strong fundamentals and application ecosystem maintenance, it will be difficult to see the value of long-term investment. Dogecoin, born from a meme, has a strong global popularity and liquidity. As a token for payment, it does have a lot of potential for development.
Whether Musk can really introduce it to Twitter in the future, and whether the ecology can have more diverse applications, are the long-term focus of investors and fans, and deserve our continued attention.
