Crypto Quill

Dogecoin, the meme-inspired cryptocurrency that has become a favorite of Elon Musk, has seen a surge in price and popularity in recent days. However, the Tesla and SpaceX CEO has also sparked fresh speculation about his plans for the coin with a cryptic move on Twitter.

Musk likes an old tweet about a Dogecoin university

On Monday, Musk liked an old tweet from July 2020, in which he proposed a new university in Texas where the tuition is paid in Dogecoin, and learners get a discount if they own a dog. The tweet was a response to a user who asked him to create a university called “Texas Institute of Technology and Science”.

The tweet, which had been largely forgotten, suddenly gained attention after Musk’s like. Many Dogecoin fans interpreted it as a sign of his continued support and interest in the coin, while others wondered if he was hinting at a possible future project involving Dogecoin and education.

Dogecoin outperforms its rivals amid robust metrics

Musk’s like came as Dogecoin continued to outperform its memecoin rivals, such as Shiba Inu and Floki Inu, due to statistics highlighting its robust metrics. According to data from IntoTheBlock, the number of holders in profit for Dogecoin reached 97%, while the number of active addresses increased by 33% in the past week. Dogecoin also had the highest social media dominance among all cryptocurrencies, with 16.7% of the total mentions.

Dogecoin’s price has risen by more than 30% in the past week, reaching $0.23 at the time of writing. The coin has a market capitalization of over $30 billion, making it the ninth-largest cryptocurrency in the world.

Musk’s SpaceX to launch a Dogecoin-funded moon mission

Musk’s like also coincided with the news that his rocket company SpaceX will launch a Dogecoin-funded mission to the moon in 2024. The mission, dubbed DOGE-1, will carry a 40-kilogram cube satellite that will collect lunar-spatial intelligence using sensors and cameras. The satellite will be paid for entirely in Dogecoin, making it the first-ever commercial lunar payload funded by a cryptocurrency.

The mission is a collaboration between SpaceX and Geometric Energy Corporation, a Canadian company that specializes in renewable energy and space exploration. The CEO of Geometric Energy, Samuel Reid, said that the mission will demonstrate the application and utility of Dogecoin as a unit of account for lunar business.

Dogecoin remains a volatile and risky investment

Despite the positive news and sentiment surrounding Dogecoin, the coin remains a volatile and risky investment, as it is highly influenced by social media hype and celebrity endorsements. Musk himself has acknowledged the speculative nature of the coin, calling it a “hustle” on Saturday Night Live in May. He has also warned his followers to invest with caution and not to take his tweets too seriously.

Dogecoin also faces technical challenges, such as its unlimited supply, its low security, and its lack of innovation and development. The coin has not seen a major update since 2019, and its core developers are volunteers who work on the project in their spare time. Moreover, Dogecoin has many competitors in the memecoin space, such as Shiba Inu, which recently surpassed it in terms of market capitalization.

Dogecoin is a fun and playful cryptocurrency that has captured the imagination and attention of millions of people around the world. However, it is also a highly speculative and unpredictable asset that requires careful research and due diligence before investing.