The value of Dogecoin went down after Tesla CEO Elon Musk calls it a “Hustle” in the “Saturday Night Live” TV show. Dogecoin created as a meme to troll the craze of Bitcoin in 2013. Elon musk came into the picture in April 2021. He made supportive statements to Dogecoin, which turned crypto enthusiasts interests towards Dogecoin. Elon musk proclaimed as Doge father because he gave his maximum support, particularly to this cryptocurrency.

He also says that “Dogecoin is the currency of the future” and “Cryptocurrency is promising, but please invest with caution!” Both the statements give a contrasting meaning. Many economists fear that the cryptocurrency market is a bubble. If that bubble bursts, it will drastically affect the people who have invested their life savings in cryptocurrencies.

Recognition

However, there are many recognitions that made dogecoin a valuable cryptocurrency. Tesla announced they can buy the products completely using Dogecoin. SpaceX also announced its Falcon 9 launch program will be completely funded by Dogecoin. The Falcon 9 might carry a cube-shaped satellite DOGE-1 named this cryptocurrency.

According to CoinMarketCap, Dogecoin is the fourth-largest cryptocurrency in the world. And the market cap has crossed $69 billion. The value of a single dogecoin is currently about 0.53 cents and investors are wishing it to reach the dream $1 value.