Support for the joke coin remains strong, with members of the self-professed “Doge Army” noting on social media that it is still the eighth largest cryptocurrency by market cap.
Dogecoin’s massive bullrun from $0.005 at the beginning of the year to $0.739 last month was driven almost entirely by celebrities like Musk and Snoop Dogg tweeting their support for the token.
In April, Musk promised to put a “literal dogecoin on the literal moon” with the help of his private rocket company, SpaceX–a reference to iconic price meme popularized by bitcoin’s early supporters.
I am an aviation journalist turned crypto reporter whose work has appeared in The Guardian, The Economist, The New York Times, Flightglobal, African Business, Al Arabiya & New Eastern Europe.