Dogecoin, the cryptocurrency that started as a joke based on the Doge meme, is all the rage in the crypto world lately.
Tesla and SpaceX CEO Elon Musk, an ardent supporter of Dogecoin, poked fun at the cryptocurrency in a couple of segments in his appearance hosting Saturday Night Live, causing the price to drop.
Musk is a polarizing figure, and some SNL cast members weren't thrilled about him hosting. The last time a non-entertainer or athlete hosted was 2015 when a certain would-be former president took centerstage. That also went over...not well.
As Twitter user @PleaseBeGneiss said, the funniest part of SNL last week was when the price of Dogecoin tanked immediately after the show started, dropping from $0.66/share at midnight EST (half an hour into the show) to $0.45 by 9 a.m. Sunday, according to CoinDesk.
But the price rebounded slightly by Sunday evening when Geometric Energy Corporation said it will pay SpaceX completely in Dogecoin for its satellite mission scheduled for early next year. The mission to the moon is aptly named Doge-1.
If Dogecoin can get you to the moon, what else can it do?
Help pay down or consolidate debt
The year-to-date returns on Dogecoin are about 10,500%. If you've gotten rich off of what was once a joke, good on you.
And if you're in a massive amount of debt because you went all in on Doge, that's another story. You may be wondering if debt consolidation is a good idea to start paying down what you owe. It depends on your individual financial circumstances, but debt consolidation can help you streamline your monthly bills into a single, low-interest payment.
You're probably going to need a steady income to qualify for a debt consolidation loan, though, so you might not be able to completely rely on what you've made from doge.
Buy a Tesla...soon, maybe
The base Tesla Model 3—the "most affordable" of Musk's vehicles—starts at $39,490, while the highest-priced Model S will set you back almost $150,000.
If you've racked up solid returns from investing in Dogecoin, you might be able to purchase a Tesla with your stock sometime soon.
Naturally, the Tesla CEO and Dogecoin superfan says he's open to accepting doge as payment for one of his vehicles. Tesla had started accepting Bitcoin as payment earlier this year, but Musk reversed course on May 12, citing environmental concerns in a tweet. But Musk wrote that the company plans to begin accepting Bitcoin again when "mining transitions to more sustainable energy."
Become a millionaire
In April, 33-year-old YouTuber Jaysn Prolifiq became a Dogecoin millionaire. Prolifiq dumped his entire life savings into Doge, got help from friends and family, and maxed out a pair of credit cards (would not recommend) to put about $180,000 into Dogecoin in February, when the price was below $0.05/share. On April 15, his holdings broke $1 million and have continued to climb.
Prolifiq's tax bill is going to look a little bit different next April 15. And now he'll have the funds to pay off those credit card bills.
Press Release Service by Newswire.com
Original Source: Dogecoin Can Get You to the Moon: What Else Can It Do?
