Elon Musk's cryptic tweet on Dogecoin sparks meme fest, 'Doge Barking at the Moon'

Dogecoin was inspired by a viral dog meme, it seeks to address the shortcomings of traditional banking systems

Dogecoin has had a fantastic year, so far. Even as the world economy struggles to cope with the consequences of the Covid-19 pandemic, the cryptocurrency that began as a joke has only grown stronger. Thanks to Elon Musk, the tech billionaire, Dogecoin has resurfaced in the news once more, when he tweeted in support of Dogecoin, it caused quite a stir on social media.

"Doge barking at the moon," Musk tweeted, referring to the cryptocurrency.

With their memes, crypto-twitter is now going "all the way to the moon."

Dogecoin is a cryptocurrency that was developed by software engineers Billy Markus and Jackson Palmer as a joke in 2013. The digital currency, like Bitcoin, was inspired by a viral dog meme and seeks to address the shortcomings of traditional banking systems.

In reality, Dogecoin's mascot is a photograph of a Shiba Inu from a popular internet meme. However, Dogecoin gained popularity over time and attracted a large number of supporters.

Musk is the most well-known of them all, having been a strong supporter of cryptocurrency since its creation in 2019. Artists, tech giants, and social media influencers soon joined him in his belief in Dogecoin's potential. It was never intended to be successful, and it was used and traded as a joke for a long time.

Although Musk and others claim Dogecoin is just getting started on its upward rise, the mainstream acceptance of the currency remains a challenge. Although companies like Tesla and the NBA have started to embrace Bitcoin, there are still concerns about the long-term viability of digital currencies.