Dog coin image, information image. Image source: New Beijing News website
Dog coin image, information image. Image source: New Beijing News website.
The coin circle has always been magical.
Recently, the soaring Dogecoin has plummeted by nearly 40%, with prices almost halving, sparking public attention.
What's even more surprising is that this incident actually originated from a program participated in by billionaire Elon Musk.
On May 8, local time, Tesla CEO Mask participated in hosting the variety show Saturday Live, a veteran American entertainment program. In the program, Musk referred to himself as the Dogefather, the future of currency, an unstoppable financial tool that will take over the world.
He also added that dog coins are as real as dollar bills. But under repeated questioning by the host, Musk was "forced" to admit that dog coins were a "hustle". Subsequently, the price of dog coins plummeted.
It is not difficult to observe the price trend of dog coins carefully. Although dog coins, which are considered by many "coin speculators" as "air coins", have risen and fallen, they have always been closely related to Musk's public statements. Musk has become the spokesperson for dog coins.
This has also led some netizens to suspect that Gougou Coin has become an image stock of Musk - if you support Musk, buy Gougou Coin?
Dog coins deeply bound to Musk
The connection between Musk and Dog Coin can be traced back to 2019.
In April 2019, the Gougou Coin community launched an event to select the CEO of Gougou Coin, with Musk receiving the first vote. At that time, he changed the title of Twitter to CEO of Gougou Coin, but it was quickly removed.
After more than a year, Musk once again tweeted four times on December 20, 2020, mentioning cryptocurrency and expressing his interest in it. When the price of Tiangugou coin increased from $0.0039 to $0.0046.
In the famous "Leek" vs. "Institutional" GME event at the beginning of the year, WSB (a forum called "Wall Street Gamblers") once again became popular with Dogdog Coin, rising nearly tenfold in one day, ranking seventh in market value.
On February 8, 2021, Musk sent three consecutive tweets to continue running with Dogcoin, and Tesla announced the purchase of $1.5 billion in Bitcoin. Dogcoin fluctuated significantly at high levels, maintaining a high price of $0.08, while Bitcoin rose from $38000 to $46000 in one fell swoop.
On February 24, 2021, Musca changed the Twitter profile to "Doge all day, Doge all night", and Dogcoin rose more than 24% in 24 hours.
Using the keyword "Dogcoin" as the search term, Musk has posted nearly 30 tweets about Dogcoin in about 5 months since December last year. In addition, he frequently mentions information related to Bitcoin and Ethereum on Twitter.
Therefore, some netizens who are optimistic about Tesla also claim that Musk has gradually evolved into a fanatical pursuer of cryptocurrencies.
Musk has frequently publicly expressed his support for dog coins, to the extent that the public generally believes that "Musk and dog coins" are firmly bound and inseparable.
So much so that every time Musk publicly declares his support for Dogcoin, it will drive the value of Dogcoin to increase - as long as Musk publicly expresses his support for Dogcoin, Dogcoin will rise accordingly.
At present, the most talked about topic on major self media platforms in the United States is Dogcoin. The topic of coin speculation and the popularity of apps are all at the forefront, indicating Musk's influence.
So the question arises, why does Musk frequently shout dog coins on social media? What is Musk's purpose in tying himself to dog coins?
Dog coins are just the subject of 'cutting leeks'
This has to popularize the origin of dog coins.
Dogcoin is not a new thing. It was first invented and launched by two engineers in December 2013, and became popular in the online world due to its use of the magical brainwashing emoji pack "Doge" as its logo. The original intention of the invention was also to mock the cryptocurrency that imitated Bitcoin.
Because dog coins have a strong cultural connection with the Reddit community, they later became the official reward currency for foreign grassroots Reddit communities, and their role at this time was only as a "tip currency".
But while Musk openly supports dog coins and boosts their rise, dog coins are also regarded by a considerable number of "coin enthusiasts" as worthless "air coins".
A little understanding of the birth history of Dogcoin reveals that although both Bitcoin and the popular Bitcoin are cryptocurrencies, Bitcoin has a limit of 21 million, and Dogcoin was modified based on Bitcoin's code, with almost no technological innovation. In the first year, 21 million were dug up, and after that, 5 billion were issued annually without a limit.
Please note that there is no upper limit. There is no upper limit, which determines that dog coins can be issued indefinitely and can attract investors to participate as much as possible. What does this mean In theory, there can be countless people entering the game, and the banker can also earn an infinite amount.
Although various factors indicate that Dogcoin has no "value support", it also has advantages that other cryptocurrencies do not have. For example, almost all exchanges have Dogcoin and it has a certain level of popularity. If used to 'cut leeks', it is the best label.
Some netizens commented that Bitcoin is on the rise, with the strongest being coins; The dog currency has risen, especially Musk.
Before Musk publicly announced his support for Dogcoin, the trading volume of Dogcoin was extremely low, and there were currently no large institutions that had explicitly purchased Dogcoin to endorse it. As a direct result, Dogcoin became Musk's personal IP endorsement tool.
By endorsing dog coins, Musk achieved both fame and profit. He even claimed to bring dog coins to the moon through a starship, and his pride was evident.
Whether it's dog coins or Musk's exclaimed 'Chaigou coins', it's probably his' ATM' in the end. Many people who follow Musk to stir fry coins and fantasize about overnight wealth may eventually become "daydreamers" who have been "chopped off with leeks".
There is no doubt that many cryptocurrencies, including Doggie Coin, are just a pile of foam and have no value.
Now their so-called "value" is only based on the consensus of investors that they "will continue to rise". Once the foam is punctured, investors will eventually realize that the "currency circle" is just a "fraud".
Ding Hui (media person)
Editor: Chen Jing Checked by: Li Lijun
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