5 Things You Need To Know About Elon Musk’s Favorite Cryptocurrency

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The story behind the development of Dogecoin is unique and hilarious in itself. In 2013, the two-software engineer, Billy Markus, and Jackson Palmer created the currency as a joke. Also, they featured the Doge meme on the coin.  That got people interested in Dogecoin more and more after the sudden surge in its price. Now you can get your hands on the free DogeCoin faucet by going on the faucet website. 

Why Is Dogecoin Getting Such Fame?

The Dogecoin was created for fun. The maker combines the bitcoin with popular social media Doge meme for satire. However, the coin has risen to fame and seen a sudden surge in price. The noteworthy instances behind the DogeCoin rise are Reddit thread SatoshiStreetBets and Tweets from Elon musk and WallStreetBets Chairman.

Going into detail can consume a lot of time. However, to provide you with information, we have tried to compress all the information into five points. 

  • Satoshistreetbets

Dogecoin price was around 0.0138$ on January 28. The surge starts to happen after the GameStop frenzy on Reddit. The same Reddit frenzy increases the price of Dogecoin. Similarly, subreddit SatoshiStreetBets has referred to Dogecoin as GameStop of Cryptocurrency. 

  • Tweet From The Wall Street Bets Chairman

the Chairman of Wall Street Bet once again bought the DogeCoin into the News. In his tweet, he writes, “Has Doge ever been to a dollar? The Wall Street bet is another player, along with SatoshiStreetBets, behind the GameStop stock price surge. Both have caused severe pain to the hedge funds that are shorting the GameStop stock. 

  • The Elon Musk Connection

Elon Musk is an entrepreneur that is extremely active on Twitter. On Twitter, Elon Musk has posted about Dogecoin numerous times. He also mentions it as a People’s Coin. Many believe the Elon Musk tweets are the real reason behind the DogeCoin Buying frenzy. 

  • 800% Increase In The Price

The tweets from Wall Street and subreddit SatoshiStreetBets have given the fire to buying frenzy of the Dogecoin. In 24 hours, Dogecoin has grown up to 800%. Now the Dogecoin ranks at 11th  position on the Coin gecko. 

  • You Can Get Free Dogecoin

Now you can get a free DogeCoin Faucet. All you have to do is go on the faucet website and request the coin. The faucet helps people get free Dogecoin. The contributors provide the Faucet crypto coin. Later the faucet, redistribute the cryptocurrency to people who have requested the coin.

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