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  • You South Africa

    News of the week

    May 21, 2021 6 minutes
    COMPILED BY KIM ABRAHAMS

    WE TALK ABOUT

    The rise and fall of cryptocurrency Dogecoin

    THE cryptocurrency Dogecoin made the news recently after billionaire entrepreneur Elon Musk poked fun at it on popular American comedy show Saturday Night Live (SNL).

    Musk first started taking an interest in Dogecoin in 2019 when he tweeted about it and called it “pretty cool”, and since then he’s mentioned it several times on social media.

    With such support from one of the most successful people in technology, Dogecoin almost immediately gained international attention and doubled in value as people started buying it.

    But when Musk referred to it as a “hustle” – meaning it’s not a real job – during his SNL appearance, the value dropped instantly. Before his appearance on the show, one Dogecoin cost 74 American cents, but after investors heard Musk mock it, its price dropped to 52 cents.

    Dogecoin was started as a joke by Americans Billy Markus and Jackson Palmer in 2013. At the time, cryptocurrency was just becoming popular and the two

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