Dogecoin

On May 8, Elon Musk, billionaire and CEO of SpaceX and Tesla, made his first appearance on NBC’s “Saturday Night Live” causing #dogetothemoon to trend on Twitter again.

 

So what exactly is Dogecoin, doge, and the #dogetothemoon trend?

Dogecoin is a form of cryptocurrency that started off as a joke. It was named after the “doge” meme that features a Shiba Inu dog next to misspelled English text. 

Dogecoin can be bought and sold as an investment like Bitcoin. Other cryptocurrencies have other software uses, but doge’s only purpose is currency because it was created as a joke.  According to Investopedia, cryptocurrencies maintain six key attributes to be considered successful -- “scarcity, divisibility, utility, transportability, durability, and counterfeitability.” Cryptocurrencies have value because consumers determine it is worth that value. 

Musk tries explaining cryptocurrency in a skit during the SNL episode. Ultimately, during Musk’s appearance on SNL, he called it “a hustle.” Musk has had a history with Dogecoin, actively tweeting support for it in the past.  

The Dogecoin website explains “‘doge’ is our fun, friendly, mascot! The Shiba Inu is a Japanese breed of dog that was popularized as an online meme and represents Dogecoin.”

The website features an image of the doge meme and claims “Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide.”

Searching #DogeToTheMoon on various social media platforms results in meme images and videos. On Reddit, “to the moon” means the goal of Dogecoin to be valued at $1 per coin. 

According to Orange Coast College student, Richie Tran, #DogeToTheMoon is in support of Dogecoin and the dream of investors for it to be successful. Tran enjoys the Dogecoin memes.

“I chose to invest because it was being promoted by an adult entertainer I follow on Instagram and Elon Musk did and I decided ‘hey that’s pretty funny’. I didn’t want to make the same mistake as I did years ago with Bitcoin,” Tran said. “I invested for the memetic value and I wanted to pay for things with Dogecoin like the man who paid for pizza with Bitcoin.”  

Tran invested $1,000 in Dogecoin and plans to hold his investments because of memes.

“The meme goes if you hold onto your investments, you have diamond hands. If you sell to make a little profit or at the first sign of loss, you have paper hands,” Tran said. 

One Orange Coast College student, who has chosen to remain anonymous, said, “I heard about Dogecoin on Reddit very early. I invested $7,000 and I was up $83,000 before Saturday Night Live.”

Sean Walsh is a dog groomer who began investing in Dogecoin in October 2020. He saw a spike in his original investment of $1,500 up to $6000. 

“At the time, it was basically worthless. It was one of the only easily tradable crypto’s on the platform I was using. Seeing the rise in Bitcoin, ETH, and all the rest, investing even a small amount could have a huge success in the future,” Walsh said. 

Most cryptocurrencies have a cap on how many coins are available. This capacity is set to sustain the value. Dogecoin has no max coin cap.

“That shit is funny. I can see it hitting $10. The thing is it’s going to crash because it’s unlimited money,” OCC student Greg Pham said. "People see others make money and get FOMO [fear of missing out] and want to invest and make easy money too. But if [Dogecoin] doesn’t put a limit on it, the price is going to crash.”

Since Elon Musk’s appearance on Saturday Night Live, Dogecoin’s value has dropped nearly 30%. However, following more tweets from Musk on May 13, Dogecoin has seen another jump.

Tran said he has “faith in the movement” and believes investors who are choosing to hold will continue to make a profit. 

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