Edited by: Du YuElon Musk has come to "fry money" again.As we all know, among all Cryptocurrency, Musk especially prefers Dogecoin
Edited by: Du Yu
Elon Musk has come to "fry money" again.
As we all know, among all Cryptocurrency, Musk especially prefers Dogecoin.
On Monday (3rd local time), the Twitter CEO was even more stubborn in replacing the original "Blue Bird" logo on the webpage with a "Chaigou avatar" and shared this change on his Twitter account.
The news surged on Sina's hot search and sparked heated discussions among netizens.
Currently, Twitter has not responded to requests for comment.
Affected by the news, the Dogecoin rose sharply, rising from 0.077 dollars to 0.102 dollars in the session, a new intraday high since December last year, with an increase of more than 30%.
According to Yingwei Financial Information, as of press release, the Dogecoin reported $0.097, up 25.99%.
Data shows that Dogecoin is the eighth most valuable Cryptocurrency, with a market value of more than 13 billion dollars.
It is understood that Musk first mentioned Dogecoin in 2019 and said that it was his favorite Cryptocurrency. Later, he gradually became a "(unofficial) spokesperson", and the price of Dogecoin also fluctuated under his influence.
This influence has also caused him a lot of trouble. For example, last June, a Dogecoin investor named Keith Johnson accused Musk in the U.S. District Court of continuously promoting and supporting Cryptocurrency, deliberately pushing the price of Dogecoin 360 times in more than two years, inducing others to buy at a high price, and then causing the price to collapse.
He pointed out that in the process of operation, Musk earned huge profits and made investors bear losses. Musk himself knew that Dogecoin had no intrinsic value. This is a "Ponzi scheme". Johnson demanded compensation from Musk, along with other investors, totaling $258 billion, which may be higher than all Musk's assets.
Last Friday,Twitter and Musk's lawyers are demanding that a federal judge dismiss a lawsuit worth $258 billionIn 2022, the lawsuit accused the billionaire of manipulating the price of Dogecoin, making it rise by more than 36000%.
Image source: Visual China - VCG211329414043
According to Chongqing Business Daily, on December 8, 2013, based on the Scrypt algorithm, Dogecoin was born. The founder, in order to satirize the speculative atmosphere in the Bitcoin industry, used the exaggerated and playful Doge Head emoji pack as a symbol. The transaction process is more convenient compared to Bitcoin, with a confirmation time of only 1 minute, while Bitcoin takes 10 minutes. At the same time, the number of Dogecoin is more, the price is low, the transfer speed is fast, it is suitable for online rewards, etc., and it is more convenient for the development of civilians. After the Dogecoin became popular, the founder announced that he had withdrawn from the Dogecoin community.
"The reason why Dogecoin became popular is that young people have a strong sense of identity with community culture, including the influence of celebrity effect, which makes them pay more and more attention to Dogecoin," explained Wang Juan, an expert at BEPAB of OECD and a researcher at Beihang Society and Blockchain Laboratory.
Liu Changyong, director of the Blockchain Economy Research Center of Chongqing Technology and Business University, said in an interview that the underlying framework of Dogecoin is the same as that of Bitcoin, which is an earlier counterfeit coin, with a total issuance of 100 billion yuan and an annual increase of 5%. The original intention of the founder was to create a virtual currency that was extremely cheap and easy to reward for fun.
Daily Economic News Comprehensive Chongqing Business Daily, Interface News, Sina Weibo, Public Information
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