Watch: This Rap About Dogecoin Takes Internet By Storm

It was billionaire Elon Musk, who till now recurrently talked about Dogecoin, a cryptocurrency that started as a meme joke, however now’s price $93.38 billion (roughly Rs. 6,84,610 crores). And now a “Dogecoin Rap”, written and carried out by Remy, is out and making folks go loopy. ‘Reason’, the month-to-month journal and web site of “free minds and free markets”, has carried the music. “There are various indicators showing that the US could be headed for a currency crisis. One of them has paws,” learn the caption that accompanies the music.

It begins with visuals of Remy as a CNN newscaster, who says, “Bad news for savers as even those with high-interest savings accounts are seeing their money disappear thanks to inflation.” And that is how a person’s journey in direction of investing in “dog money” begins. The lyrics are catchy and Remy’s efficiency has been lauded by folks all around the Internet.

David Maguire, a consumer on YouTube, commented: “Remy we need you to sell a few NFT’s to fund a whole album. We need it.”

“This could be the best video Remy has done yet,” said another user, Kyle Priestley.

On Twitter, people were not only all praises for Remy but also seemed to agree with the artist.

“This is amazing,” wrote @KaepernickSPAC, a Twitter user.

Another user, @TheMattMacGyver, said he had no idea about what others planned to do, but he was “putting it all in dog money”.

Here are some more reactions:

Meanwhile, last Sunday, the cryptocurrency lost over one-third of its price, following Elon Musk’s remarks on Saturday Night Live (SNL), a comedy sketch TV show. The Tesla chief, in one of the show’s segments, said the virtual currency was a “hustle”.

Asked “what is dogecoin”, Musk replied, “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.”

Michael Che, a show cast member, countered, “So, it is a hustle?”, Musk replied, “Yeah, it is a hustle,” and laughed.

On Tuesday, at the time of writing, the digital currency was trading at $0.478543 (Rs. 35 approximately), down nearly 11.45 per cent in the last 24 hours. The cryptocurrency saw a record rally last month, and even in the days leading to Musk’s appearance on SNL, when it hit all-time highs.

Musk, a cryptocurrency enthusiast, whose company Tesla has invested $1.5 billion (roughly Rs. 11,000 crores) in Bitcoin, the world’s oldest and largest digital currency, on Sunday tweeted something that not many had anticipated.

“SpaceX launching satellite Doge-1 to the moon next year. Mission paid for in Doge. 1st crypto in space. 1st meme in space. To the mooooonnn!!” Musk tweeted, a day after his SNL appearance.

On crypto data tracker CoinGecko.com, Dogecoin has jumped more than 800 per cent over the last month and is now the fourth-largest digital currency, with a market capitalisation of $73 billion (roughly Rs. 5,36,220 crore). It hit a record high last Saturday (May 15), when the value of one Dogecoin was $0.715669 (approximately Rs. 53).

Created in 2013 by software engineers Billy Markus and Jackson Palmer, the digital currency, like Bitcoin, offers recourse to the inadequacies of traditional banking systems. It was never meant to succeed and was used and traded for a long time as a joke.