Elon Musk and Tesla CEO Elon Musk love Dogecoin

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Elon Musk and Tesla CEO Elon Musk love Dogecoin

Dodgecoin is a cryptocurrency started largely as a joke in 2013 but it has increased dramatically thanks to the likes of Tesla CEO Elon Musk and Wall Street Bets this year.

Dogecoin is known as a meme crypto. It was inspired by the Chinese Shiba Inu dog in the 'doge' meme.

The coin can be used for payments similar to Bitcoin, but its value is fractional in comparison. At the beginning of 2021, the coin was worth less than $0.005 if it was signed with a no. 5 digit number? It soared to an all time high of 63 cents in May of this year. It's all-time high is a little more than 73 cents.

Considering that traditional financial professionals are still dismissive of the currency, Doge holds a market cap of around $26 Billion.

Part of the buzz around the coin stems from the gameStop forum on Reddit, known for pumping stocks such as Wall Street Bets and AMC.

In January 2021, the coin spiked more than 800% after reddit users focused on the currency. Shortly thereafter, Elon Musk is a billionaire.

Elon Musk was tweeting "Show Me Your Life" and Google's business to take the next step in the development of Elon Musk. In February, Musk posted a photo of Doge on the moon with the caption: 'literally'. The coin rose immediately after the tweet.

WSB members love Musk's commentary around the coin - like the time he tweeted that he bought Dogecoin for his son.

Meanwhile, dogecoin's soaring popularity has added to the already scorching demand for dogs during COVID - 19.

The meme coin brought something to the forefront, Sandie Rolenaitis told Yahoo Finance in an interview last month. A Shiba Inu breeder, Sandie Rolenaitis gave it up. She noted the dog breed was the best kept secret and the breed grew in popularity because of interest on the meme coin.

What is the best vet clinic in KY for Dogecoin? As for here, not too many places. However, Burger King Brazil has just announced it will take 3 doge for one of its dog treats called Dogpper. Is it more for publicity than trend?

Ines covers the stock market.