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<p>In 2021, <strong>Dogecoin </strong>gained popularity thanks to regular mentions in E<strong>lon Musk&#8217;s tweets</strong>. Experts Explain Long-Term Expectations for <strong>Digital Coin</strong>.</p>



<p><strong>Dogecoin </strong>was created in 2013, but gained real popularity in the first half of 2021. The <strong>digital coin</strong> even managed to enter the ten largest <strong>cryptocurrencies </strong>in terms of <strong>capitalization</strong>. As of July 5, <strong>Dogecoin capitalization</strong>, according to <strong>CoinGecko</strong>, is $ 30 billion.</p>



<p></p>



<p class="has-large-font-size"><strong>What happened to altcoin in early 2021</strong>?</p>



<p><br>The rapid growth of the <strong>digital coin</strong> began in February, when the head of <strong>Tesla </strong>and <strong>SpaceX Elon Musk</strong> began to mention the to<strong>k</strong>en in his tweets. For the first time, the paths of <strong>Musk </strong>and <strong>cryptocurrency </strong>&#8220;crossed&#8221; in 2019 &#8211; then the businessman wrote on Twitter that <strong>Dogecoin </strong>could become his favorite <strong>cryptocurrency</strong>. And since February 2021, not a month has passed without <strong>Musk </strong>mentioning <strong>Dogecoin </strong>in his tweets. </p>


<blockquote class="twitter-tweet">
<p lang="en" dir="ltr">Dogecoin might be my fav cryptocurrency. It’s pretty cool.</p>
<p>— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1113009339743100929?ref_src=twsrc%5Etfw">April 2, 2019</a></p></blockquote>
<p> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>



<p>The billionaire reported that he <strong>bought Dogecoin</strong> for his son, and also offered large <strong>altcoin </strong>holders a reward for emptying their accounts. According to <strong>Musk</strong>, the focus of coins on a small number of wallets is <strong>Dogecoin </strong>main problem.</p>


<blockquote class="twitter-tweet">
<p lang="und" dir="ltr"><a href="https://t.co/3rWE9uHSTS">pic.twitter.com/3rWE9uHSTS</a></p>
<p>— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1359545545900048386?ref_src=twsrc%5Etfw">February 10, 2021</a></p></blockquote>
<p> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>


<blockquote class="twitter-tweet">
<p lang="en" dir="ltr">I will literally pay actual $ if they just void their accounts</p>
<p>— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1361255427669909504?ref_src=twsrc%5Etfw">February 15, 2021</a></p></blockquote>
<p> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>



<p>In March, during the surge in popularity of <strong>non fungible tokens</strong> (<strong>NFT</strong>), <strong>Musk </strong>decided to sell his own <strong>NFT token</strong>. The entrepreneur set the price in <strong>Dogecoin</strong>, but later changed his mind about selling the <strong>token</strong>.</p>


<blockquote class="twitter-tweet">
<p lang="en" dir="ltr">i&#8217;ll give you $69M for it. <a href="https://t.co/DMd4EEOGCZ">https://t.co/DMd4EEOGCZ</a></p>
<p>— beeple (@beeple) <a href="https://twitter.com/beeple/status/1371558003560812545?ref_src=twsrc%5Etfw">March 15, 2021</a></p></blockquote>
<p> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>



<p>In April, <strong>Musk </strong>named himself &#8220;<strong>Doge father</strong>&#8221; when announcing his appearance as a co-host on Saturday Night Live .</p>


<blockquote class="twitter-tweet">
<p lang="en" dir="ltr">The Dogefather<br />SNL May 8</p>
<p>— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1387290679794089986?ref_src=twsrc%5Etfw">April 28, 2021</a></p></blockquote>
<p> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>



<p>In May, the head of Tesla conducted a poll among his followers on <strong>Twitter</strong>. He wondered if it was worth adding <strong>Dogecoin </strong>to the payment methods for buying the company&#8217;s <strong>electric vehicles</strong>. Almost 4 million people took part in the voting, and 78% of them answered in the affirmative.</p>


<blockquote class="twitter-tweet">
<p lang="en" dir="ltr">Do you want Tesla to accept Doge?<div class="wp_random_inside"><span class="dashicons dashicons-star-filled"></span><a href="https://cointopsecret.com/2021/08/24/monero-price-gains-32-after-cryptocurrency-blockchain-update/">Monero Price Gains 32% After Cryptocurrency Blockchain Update</a></div>
<p>— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1392030108274159619?ref_src=twsrc%5Etfw">May 11, 2021</a></p></blockquote>
<p> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>



<p>In June, the entrepreneur <a href="https://cointopsecret.com/2021/06/28/elon-musk-supported-the-proposal-to-update-the-dogecoin-network/">supported the proposal of <strong>Dogecoin </strong>developers to update the network</a>, within which transaction fees could be reduced by 100 times. <strong>Musk </strong>managed to mention the <strong>digital coin</strong> in early July. </p>


<blockquote class="twitter-tweet">
<p lang="en" dir="ltr">Important to support</p>
<p>— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1409372298029584385?ref_src=twsrc%5Etfw">June 28, 2021</a></p></blockquote>
<p> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>



<p>He responded to rumors about whether it would be possible to <strong>mine Dogecoin</strong> on the Tesla supercomputer, which is currently in development, and also posted several memes about the <strong>altcoin</strong>.</p>


<blockquote class="twitter-tweet">
<p lang="en" dir="ltr">Sorry for any confusion. Dojo is a neural network training computer optimized for video (for self-driving). </p>
<p>Unless there is a predictable pattern to hashing Scrypt (which we will not attempt to find), it will not be competitive with ASIC-based hashing. </p>
<p>Potatoes are delicious!</p>
<p>— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1410510912780337154?ref_src=twsrc%5Etfw">July 1, 2021</a></p></blockquote>
<p> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>



<p>After the mention of <strong>Dogecoin </strong>by <strong>Elon Musk</strong>, the <strong>coin</strong>, as a rule, rose sharply in price. By May 8, its rate reached a historic high of $ 0.73 (plus 18,150% since the beginning of the year). </p>



<p>But after the collapse of the <strong>cryptocurrency </strong>market, which occurred on May 19, the quotes of the <strong>digital coin</strong> went down. <strong>Dogecoin </strong>price fell to a local low of $ 0.16 on June 22. As of July 5, the <strong>altcoin is trading</strong> at $ 0.23. The <strong>digital coin</strong> has dropped 68% since its peak in May.</p>



<p></p>



<p class="has-large-font-size"><strong>Dogecoin prospects</strong></p>



<p><br>In terms of technology and value for the community, <strong>Dogecoin </strong>has never been promising, it is an example of an absolutely speculative asset, says <strong>Nikita Zuborev</strong>, senior analyst at <strong>BestChange.ru</strong>. </p>



<p>According to him, <strong>altcoin</strong> has only one function &#8211; the transfer of value, unlike other top <strong>tokens</strong>, most of which have specific features in technology, pegging to assets, serious development teams, payment infrastructure and much more.</p>



<p class="has-text-align-center"><em><strong>&#8220;Dogecoin is more centralized, large holders have accumulated a significant part of tokens on their wallets, the transfer protocol is not updated, no new technologies or algorithms are used, this is an anti-example of creating cryptocurrency projects,&#8221; the analyst noted.</strong></em></p>



<p>According to <strong>Zuborev</strong>, in the long term, the <strong>token </strong>is of no value, most likely it will disappear from the market, like most of the <strong>cryptocurrencies </strong>existing today.</p>



<p>The <strong>crypto market</strong> is very tired of endless manipulation of the <strong>Dogecoin </strong>rate and has gained some resistance to <strong>Elon Musk</strong>&#8216;s <strong>tweets</strong>, says <strong>Maria Stankevich</strong>, Development Director of the <strong>EXMO crypto exchange</strong>. </p>



<p>In traditional finance and in other markets, market manipulation is prohibited and punishable by insane fines and threatens to close the company, the expert recalled. </p>



<p>Therefore, now, given the complete absence of such legislation, the market independently &#8211; unconsciously &#8211; began to regulate this issue, added <strong>Stankevich</strong>.</p>



<p><a href="https://cointopsecret.com/2021/07/02/musk-explains-the-impossibility-of-mining-dogecoin-on-the-tesla-supercomputer/">**Musk explains the impossibility of mining Dogecoin on the Tesla supercomputer</a></p>
<div class="wp_random_inside"><span class="dashicons dashicons-star-filled"></span><a href="https://cointopsecret.com/2024/07/22/how-one-trader-lost-12m-on-biden-memcoin-a-cautionary-tale-in-the-cryptocurrency-market/">How One Trader Lost $12M on Biden Memcoin: A Cautionary Tale in the Cryptocurrency Market</a></div>
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