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Crypto War: DOGE Versus Elon Musk

By Andy HechtCryptocurrencyJun 28, 2022 07:44AM ET
www.investing.com/analysis/crypto-war-doge-versus-elon-musk-200626358
Crypto War: DOGE Versus Elon Musk
By Andy Hecht   |  Jun 28, 2022 07:44AM ET
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This article was written exclusively for Investing.com

  • DOGE melts
  • Elon Musk pokes DOGE with a divisive comment
  • A DOGE creator takes on world’s wealthiest person
  • DOGE remains in crypto hit parade's top 10
  • Buying the dip - Only invest spare cash

The Shiba Inu is the adorable canine that is DOGE's mascot and brand. Software engineers Billy Markus and Jackson Palmer created the DOGE payment system as a joke, poking fun at the wild speculation in cryptocurrencies. Little did they realize that another engineer would take the joke to another level.

Elon Musk has been a DOGE cheerleader, and in 2021 he adopted a Shibu Inu, naming the dog “Floki Frunkpuppy”.

Over the past weeks, the love affair between Musk and DOGE has started a war of words with Palmer and a war of the nerds is brewing.

DOGE Melts

DOGE has not been immune to the bearish price action in Bitcoin, Ethereum and the many other more than 20,000 cryptocurrencies.

Long-Term DOGE/USD Chart
Long-Term DOGE/USD Chart

Source: CoinMarketCap

As the chart highlights, after reaching a high of 68.48 cents per token in May 2021, the price slid nearly 90% to 7.2 cents on June 27, more than the losses suffered by the two leading cryptos, Bitcoin and Ethereum.

Musk Pokes DOGE With Divisive Comment

Musk seems to be playing favorites regarding DOGE’s founders, Palmer and Markus. While he continues to show support and affection for Markus, he was in full snark mode when he took on Palmer over the past weeks.

In late May, Musk revealed why he and so many others have embraced DOGE, tweeting:

[Markus’] sense of humor and irreverence is a big part of why people love dogecoin.”

Ignoring Palmer hit a nerve with DOGE’s co-creator.

DOGE Co-creator Takes On World’s Wealthiest Person

Ironically, Palmer became an outspoken crypto critical, saying he thought the asset class “would implode a bit more quickly and people would learn their lesson”. Responding to Musk’s comments, he accused him of being a “grifter”.

Never at a loss for words or tweets, Musk tweeted:

Palmer always forgets to mention that he never wrote a single line of dogecoin code.

Markus joined in, adding, “the people after us did exponentially more than either [Palmer] or I did on the code basis.”

The drama will likely continue as Musk may not be done with Palmer after being called a crypto “grifter”.

DOGE Remains In Crypto Hit Parade's Top 10

Despite losing more than 90% of its value since the May 2021 high, DOGE remains in the top 99.95% of the asset class and in the top 10 of the cryptocurrency hierarchy as of June 26.

List Of Top 10 Cryptos By Market Cap
List Of Top 10 Cryptos By Market Cap

Source: CoinMarketCap

Buying The Dip: Only Invest Spare Cash

With Musk as the cheerleader-in-chief, the crypto could make a comeback over the coming weeks and months. DOGE’s fortunes are tied to Bitcoin and Ethereum, as a recovery would likely lead to a flurry of interest and buying in Musk’s favorite crypto.

When approaching any members of the volatile asset class, only invest capital you are willing to part with, as the risk of a total loss remains high. Palmer expects DOGE and other cryptos to go bust, but the DOGE creator admits that he is surprised at the staying power of the overall asset class.

Aside from being one of the greatest engineering minds of our time, Musk is a PR master and a money-making machine. When DOGE turns around, expect him to support the crypto with a barrage of tweets heralding the return of the Shiba Inu branded token. Even during the current crypto bear market, Musk continues to support DOGE.

***

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Crypto War: DOGE Versus Elon Musk
 

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Crypto War: DOGE Versus Elon Musk

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Comments (5)
xx Gen
xGen Jun 29, 2022 5:16PM ET
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Elon is a felon
Peter Cooper
Peter Cooper Jun 29, 2022 5:21AM ET
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90% down.... a pretty sick joke!
Dzagon kweku
Dzagon kweku Jun 29, 2022 5:21AM ET
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Hi friend
Dzagon kweku
Dzagon kweku Jun 29, 2022 5:21AM ET
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nice to meet u
Dzagon kweku
Dzagon kweku Jun 29, 2022 5:21AM ET
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please am new in this please can you help me get to start mine now
Andy Donald
Andy Donald Jun 28, 2022 10:41AM ET
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this guy is stuck and desperate to sell out of his position.
dee money
dee money Jun 28, 2022 10:37AM ET
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Elon Musk, the DOGE cheerleader? Andy, don't be mad because you went all in the day Musk went on SNL and you have been holding the whole time.
Matt luck
Matt luck Jun 28, 2022 8:02AM ET
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Thanks Andy for writing a normal piece about Doge that isn't fud or crazy speculation.
 
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