Elon Musk and Dogecoin: How the Billionaire Became the 'Dogefather'

Elon Musk's involvement with Dogecoin transformed the meme coin from an obscure joke into a significant player in the cryptocurrency market. Initially created in 2013, Dogecoin gained little traction until Musk began tweeting about it in 2019, dubbing it his favorite cryptocurrency. His endorsements sparked major price increases, especially during the 2021 bull run when Dogecoin's market cap rivaled large companies. Musk's appearance as the 'Dogefather' on Saturday Night Live marked a peak, with Dogecoin reaching an all-time high but later falling post-performance. In 2022, Tesla began accepting Dogecoin for merchandise, complementing Musk's acquisition of Twitter and his discussions of integrating Dogecoin as a payment method. Despite legal challenges regarding market manipulation, a judge dismissed a lawsuit against Musk. Recently, as Dogecoin gained popularity again due to Musk's political alignments, he was associated with a new U.S. government initiative named after the coin, underscoring his ongoing influence in both the cryptocurrency space and broader culture.

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