Since then its price has been declining. It started decreasing from 21st April. A day before this, Dogecoin fans celebrated Doge Day. He also used hashtags like DogeDay and DogeDay420 for this. Memes, messages etc were posted on many social media platforms to bring the price up. By the time of writing the news on Friday, the price of Dogecoin had come down to only Rs 16. The Rise of Dogecoin Tesla and SpaceX CEO, Elon Musk very impressed by. His tweets greatly increased the price of this cryptocurrency.
On April 15, Musk tweeted a photo of a 1926 painting with the tag Dog Barking At The Moon. It was created by a Spanish artist. Musk titled it Dog Barking At The Moon Changed from Doge barking at the moon. Whose direct point was towards this cryptocurrency. Because of this, Dogecoin got the highest jump ever. But Musk hasn’t tweeted anything about it ever since its prices started falling. In February, a series of tweets from Musk caused the price of Dogecoin to skyrocket. First, he tweeted a photo of a rocket going towards the moon. Together, only one word was written in a tweet – “Doge”
Musk posted his version of Rafiki’s Lion King image on Pride Rock holding a baby Simba. He replaced the mandrill-shaman’s face with his own and the lion’s child’s face with the Dogecoin logo. This logo is made of Japanese breed dog Shiba Inu.
Musk didn’t stop there. After that he did two more posts related to it. He wrote- “Dogecoin is the people’s crypto,” (Dogecoin is the people’s crypto). After that came another tweet – “No highs, no lows, only Doge” Apart from Musk, rapper Snoop Dogg and Kiss singer Gene Simmons have also supported Dogecoin. In February itself, Snoop Dogg tweeted a parody of one of his albums to Musk and wrote for him – ‘Snoop Doge’
Simmons told his followers in February in a tweet that he had bought a large position in Dogecoin. In another tweet, he wrote – ‘Moon ki oar’ (there was a photo in which Musk was shown pushing this cryptocurrency up).
Dogecoin was the brainchild of tech experts Billy Markus and Jackson Palmer. They started it as a joke in 2013 as a fee for traditional banking. At that time it was trading at a price of $0.000232 (approximately Rs.0.017).