While Dogecoin may seem like the epitome of a meme stock, it’s a real cryptocurrency that can be bought and traded, and celebrities from Elon Musk to Mia Khalifa and Gene Simmons are using their platforms to keep the coin with the Shiba Inu dog logo trending — and perhaps even change its perception.
What Happened: Just as the trading of GameStop Corporation (NYSE:GME) came to stand for the idea of small retail investors taking on the Wall Street elite in January, Dogecoin is now being referred to as the “people’s coin” by celebrities and influencers on social media.
On Thursday, Tesla (NASDAQ:TSLA) CEO Elon Musk returned to Twitter after a two-day leave to send a series of tweets mentioning doge.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
But Musk isn’t the only celebrity or internet personality thrusting Dogecoin into the limelight.
Following Musk, Joey Swoll also went on a Twitter rant Thursday about dogecoin. The bodybuilder, fitness model and internet personality sent a number of tweets pumping the coin and referred to Musk as the leader of the doge army. A few hours later he followed up by writing “WAKE UP #DOGEARMY USA! LET’S TAKE THIS TO THE MOON!”
OnlyFans star Mia Khalifa spoke to ZingerNation last week, discussing Dogecoin and other meme stocks she bought during the GameStop saga in January.
On Jan. 29, Khalifa told her followers on Twitter she had purchased the coin when she said, “okay I caved and bought the dog stocks lmaoooooo,” following up later with “this is the first time I’ve ever hated a dog.”
On Monday Gene Simmons, bassist in the rock band Kiss, took a gentler approach to advertising the coin, writing on Twitter, “not recommending any of these to anyone. But yes, I also bought Dogecoin, XRP and others. Make of it what you will.”
On Jan. 19 rapper Soulja Boy released a video on Cameo, a platform where celebrities are paid to $75 to read messages, and said dogecoin is “gonna be the crypto of the future. Dogecoin is the people’s coin.”
Earlier in January, adult film star Angela White said on Twitter, “Been HODLing my $Doge since 2014. MUCH PATIENCE. TO THE MOON.
Why It Matters: Although the pandemic has physically isolated people from each other, it has provided the perfect recipe for social unification as people stuck at home with more spare time than they’re used to having gather on social media and find causes to bond over.
The movement behind r/WallStreetBets surfaced around anger at hedge funds and large corporations.
Now, celebrities are using their influence to harness that same emotion from their followers.
Find out how to buy Dogecoin here.
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