1 min read.Updated: 20 Jul 2021, 09:11 AM ISTLivemint
Musk, the self-proclaimed 'Dogefather', has been responsible for pumping doge prices on several occasions by sharing various references and memes relating to the dog-themed cryptocurrency
Elon Musk, the self-proclaimed 'Dogefather' has changed his profile picture on Twitter to a headshot with Doge reflecting in his sunglasses. He is seen to be wearing mirrored, aviator-style glasses with a Shiba Inu dog reflected in them. The meme coin prices jumped as a result yesterday, however, failed to hold on to the gains today as Dogecoin was trading over 5% lower at $0.16, CoinDesk data showed.
Musk has been responsible for pumping doge prices on several occasions by sharing various references and memes relating to the dog-themed cryptocurrency on his social media feed. The recent slide of cryptocurrencies including Dogecoin has been a concern for the investors. Despite the recent slide, the meme coin is up 3,459.9% year-to-date (YTD).
Musk’s Twitter display image change came a day after he tweeted that his own son was 'holding his Doge like a champ. ''Lil X is hodling his Doge like a champ. Literally never said the word “sell" even once!,'' he tweeted as a reply to a user's comment.
'Dogecoin is a parody cryptocurrency created by software engineer Billy Markus and Jackson Palmer in 2013. Palmer jokingly coined the phrase “Dogecoin" to himself and took to his Twitter account to post the now-infamous line, “Investing in Dogecoin, pretty sure it’s the next big thing." It immediately sparked interest from the meme-fuelled crypto community.
Recently, Dogecoin co-creator Jackson Palmer has slammed the cryptocurrency industry, calling it 'inherently right-wing', 'hyper-capitalistic' technology.
In a series of tweet, Jackson Palmer wrote harsh words about cryptocurrency. The Dogecoin co-founder wrote, "After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity".
I am often asked if I will “return to cryptocurrency or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted “no, but to avoid repeating myself I figure it might be worthwhile briefly explaining why here…
Palmer added that cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.