Elon Musk Tweeted, Dogecoin Rises 80 Percent!

Elon Musk tweeted, Dogecoin was on the agenda with 80 percent likes. Token Dogecoin, which has frequently risen among cryptocurrencies and then rapidly lost its value, is on its way to the top again.

Elon Musk, the CEO of Tesla and the richest person in the world, continues to make statements about crypto money, or rather, to share one-word tweets.

Elon Musk first shared a fire photo on his Twitter and wrote “DOGE” as the first comment underneath. Elon, the richest person in the world, who frequently shares crypto money on his Twitter account, is on the agenda again.

musk doge
Elon Musk Tweeted, Dogecoin Rises 80 Percent!

Then Huobi Musk, one of the largest crypto money debts in the world, “Are you sure?” the CEO asked, “The funniest outcome is the most likely.” he answered. Musk later said that even more fun will be experienced when Dogecoin is the world’s currency.

In addition to these, Elon Musk has made statements about Dogecoin several times before and stated that DOGE is the favorite crypto currency. In fact, Elon Musk was declared the “CEO of Dogecoin” on the April 1st joke day.

Elon Musk thinks very positively about Bitcoin

Tesla CEO just a few days ago deleted his entire biography on Twitter and just wrote “Bitcoin”. Musk’s move led to an increase of $ 6,000 in BTC within minutes.

Although there was a decline after this rise, a new rise was ignited for the leading crypto currency. Bitcoin is trading at $ 38,170 at the time of writing, and analysts think once again BTC will test $ 40,000.

Dogecoin Payment Processing

In fact, DOGE was back on the agenda days ago with WallStreetBets. WallStreetBets, a reddit group, first took action to increase GameStop shares and then made a similar move for Dogecoin.

At that time, the Dogecoin price increased by 1000% within 24 hours and was among the top ten cryptocurrencies in terms of market capitalization.

After Musk’s tweet, it is seen that DOGE started to rise and gained a noticeable value of 80%.

What is Dogecoin?

DogeCoin, which has become the world’s most popular crypto currency in terms of transaction frequency in a very short time, despite starting out from an internet moose and starting its life with a functional function like a joke, definitely deserves to be mentioned.

If there is anything harder than telling a foreigner about Bitcoin to cryptocurrencies, it is to explain Dogecoin and why it has become so popular, what it is doing, and why it is such an important milestone for the future of cryptocurrencies. Although the crypto money in question emerged from an internet moose and started its life with a joke function, it definitely deserves to be mentioned because it has become the world’s most popular crypto currency and altcoin in terms of transaction frequency in a very short time.

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In fact, we can get down to the answer to this question by first examining where the word Doge (or internet meme) comes from.

The word “doge” is actually derived from the deliberate misspelling of the English word “Dog”, which means dog, as we all know, but this is because internet historians first appeared in an episode of the series. Form of a cartoon / puppet show called Homestar Runner in 2005. They claim it is out.

The word Doge became “Dogecoin” not immediately after this point, as Doge gained popularity as an image macro (or CAPS, which is widely used in Turkish). In this deer, photographs of a Shiba Inu dog are often caricatured in the form of “wow” “such x” “very y” and embellished in distorted English, as if expressing the dog’s inner voice and thoughts. humor is done.

This meme type, which became very popular in media such as Tumblr in the middle of 2013 and became one of the internet phenomena of the year, directly caused the emergence of Dogecoin.

Dogecoin Mining

Dogecoin uses Scrypt for proof-of-work (POW) just like Litecoin, and the block timing is set at 1 minute. In addition, it is noteworthy that it is not deflationary like Bitcoin, as the difficulty level is recalculated by the network in 4 minutes and the amount of Dogecoin that can be extracted is unlimited.

Another striking feature of Dogecoin, and perhaps one of the underlying reasons for its rapid adoption by large masses, is that it is set to allow very fast coin production, especially in the first periods. In this way, and due to the fact that a Dogecoin is valued as one-fifth of an American dollar in the market even now, people were able to send 10 thousand – 20 thousand Doges to each other and enjoy “spending” small amounts of symbolic money as if it were large sums, especially when it first appeared. at times.