by: Addy Bink, Nexstar Media Wire
Posted: May 11, 2021 / 03:54 PM CDTUpdated: May 11, 2021 / 03:54 PM CDT
This mobile phone app screen shot shows the logo for Dogecoin, in New York, Tuesday, April 20, 2021. Dogecoin, the digital currency advertised as the one “favored by Shiba Inus worldwide,” is having its day. Fans of the cryptocurrency are touting April 20, long an unofficial holiday for marijuana devotees, as “Doge Day” and imploring each other to get its value up to $1. (AP Photo/Richard Drew)
(KTVX) – Dogecoin to the literal moon?
The cryptocurrency, a non-tangible monetary asset based on an early 2010s meme featuring a Shibu Inu dog, has developed its own online community. That community, which includes billionaire and crypto enthusiast, Elon Musk, even has its own tagline, “doge to the moon.”
While the term means raising the value of Dogecoin to $1 for a token, Musk is taking it seriously.
The founder of SpaceX took to Twitter Sunday — just hours after his appearance on ‘Saturday Night Live’ — to announce a Doge-related development.
What is Dogecoin and why is Elon Musk associated with it?
“SpaceX launching satellite Doge-1 to the moon next year,” Musk says, adding that the mission is paid for in Doge (short for Dogecoin) and will include the first crypto and first meme in space.
SpaceX is also responsible for the string of lights frequently seen over parts of the country.
“To the mooooonnn!!”
SpaceX launching satellite Doge-1 to the moon next year
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space
To the mooooonnn!!https://t.co/xXfjGZVeUW
— Elon Musk (@elonmusk) May 9, 2021
Early Tuesday morning, he roped in his other company, Tesla, asking users if it should accept Doge.
Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021
Many in the Dogecoin community were hopeful the cryptocurrency would increase in value amid Musk’s appearance. Before the show, Musk, “The Dogefather,” urged people to be wary when investing in cryptocurrencies.
According to Forbes, Musk has invested $1.5 billion in Bitcoin, another form of cryptocurrency, through Tesla and with simple tweets and comments causing shifts in crypto markets. In February, Musk said there is a “good chance crypto is the future currency of Earth.”
Dogecoin isn’t the only animal-related cryptocurrency. Carole Baskin, infamous for her role in the Netflix documentary “Tiger King,” recently joined the cryptocurrency field, launching a coin called “cat.”
While there are no current benefits of collecting the coin, Baskin says they are “thinking of ways to reward those who join our ‘pride’ of big cat lovers!” This includes virtual visits with cats and NFTs launching in about two weeks, according to Big Cat Rescue.
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Baskin says she is “investigating cryptocurrencies because I am concerned about the volume of US dollars that are being printed and distributed with nothing to back them up.”
If you invest in cryptocurrency, or are thinking of investing, the FBI wants you to be aware of scammers as they see a rise in the use of “cryptocurrency in business email compromise schemes.”