Dogecoin Rap, written and performed by Remy, is a fun song that has gone viral on YouTube with over 218,000 views within a couple of weeks since its release. Thanks to support from industry leaders and celebrities such as Tesla CEO Elon Musk and rapper Meek Mill, Dogecoin currently holds a market cap of over $60 billion (roughly Rs. 4,40,400 crores) at the time of writing. Performed by Remy and posted on YouTube by ReasonTV, Dogecoin Rap's description on the video streaming platform reads, “There are various indicators showing that the U.S. could be headed for a currency crisis. One of them has paws.”
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's how a man's journey towards investing in “dog money” begins. The lyrics are catchy and Remy's performance has been lauded by people all over the Internet.
YouTube user David Maguire 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, 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's a hustle?", Musk replied, "Yeah, it's 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.