Dogecoin, which was launched in 2013 by two software engineers as a joke mocking the rise of Bitcoin, gained overnight fame after Tesla CEO Elon Musk invested 1.5 billion in February 2021 announcing that the assets are for his son X Æ A-12.
The meme cryptocurrency, which was seen just as a joke previously, has skyrocketed since then doubling in prices twice in just a span of two months and touched its all time high to $0.68 on May 8, 2021 before it plummeted after his appearance on Saturday Night Live (SNL) 'The Dogefather'.
Doge is now trading at $0.30 at the time of publishing and is struggling to rise the bare minimum average of just two points per day in its indices of 'days high and low', making it seem like a toothless tiger in the crypto market which just looks powerful, but has lost its bite.
Time and again, Dogecoin has proved that its rise and fall are barely at the feet of Elon Musk's whims and fancies and without his interference the meme crypto is worthless. The billionaire has highjacked people's investments in the coin to his own benefit and it moves according to his tweets and statements only.
Dogecoin investors are now waiting for a 'wild tweet' from Elon Musk this weekend to boost itself to a new number but unfortunately tweeting about Doge is not Musk's 'day job' as the entrepreneur has his companies to handle- one which sends rockets to space and the other drives without a driver.
Investors are also skeptical of the double cross behavior he meted out recently to Bitcoin. At first, he invested billions in it and announced Tesla would accept Bitcoin as payment, fully knowing the fact that the world's leading crypto generates carbon emissions, and months later says Tesla would not accept Bitcoin as it's not environment friendly.
Since his announcement, Bitcoin plummeted nearly 40% for a month and several investors have alleged that he sold most of his Bitcoins only minutes before his tweet was out. However, Musk did a U-turn last week saying Tesla would accept Bitcoin and the crypto is slowly gaining its steam back.
Dogecoin investors fear Musk might use the same Bitcoin tactic against Doge someday and shake it from its roots. The only question remaining is when?