Crypto: A new tweet from Musk ignites the DOGE community! How far will the Dogecoin hype go?

Elon Musk, visionary and often provocative entrepreneur, has just given an unexpected spotlight to Dogecoin, the famous crypto meme. A simple intervention on X was enough to revive the enthusiasm of DOGE followers, which once again illustrates Musk's influence in the crypto ecosystem. This tweet, as ironic as it is strange, echoes years of fascination and speculation surrounding the relationship between Musk and Dogecoin. While some perceive him as a supporter of crypto, Musk has clarified his intentions, and says he does not endorse any crypto, except in a humorous context. However, his latest speech further underlines his impact.

A tweet that ignites the DOGE community

Elon Musk responded to a post Thus, she also evoked, not without humor, the creation of a fictitious agency, the “Department of Government Efficiency” (DOGE), a nod to the growing influence of meme humor in popular culture. Musk responded with an enthusiastic comment. He says, “this is so awesome,” a simple message that was enough to ignite the Dogecoin community. This interaction provoked a wave of excited responses from his followers. Moreover, some even state that Musk would be the “CEO of DOGE”, an allusion to his unparalleled influence on this crypto.

Indeed, the craze of Dogecoin fans, also nicknamed the “DOGE Army”, is well known in the crypto sphere. Musk, who has had an almost symbolic relationship with Dogecoin since 2017, has often driven up the price of crypto through simple mentions of X. This latest speech, although discreet, is a reminder of the extent of his impact in the community. Since Bitcoin's first historic peak in 2017, Musk has regularly alluded to Dogecoin, solidifying its popularity and leading position among crypto memes.

Dogecoin and the Growing Crypto Meme Market

This excitement around Dogecoin comes as crypto memes are experiencing a period of high profitability. According to recent data from on-chain analytics firm Santiment, cryptos like Dogecoin, Pepe and Bonk are posting exceptional gains, recording increases of 96%, 97% and 67% respectively in just seven days. This context of profitability, associated with humor and the support of influential figures, gives crypto memes a particular position on the market, and oscillates between volatility and increased popularity.

Musk's involvement in this dynamic, although often ironic, further calls into question the sustainability of crypto memes in such a speculative market. Although Musk has clarified his intention not to endorse any crypto in an official capacity, his interventions, perceived as “meme-marketing”, continue to fuel the Dogecoin craze. As investors continue to respond to these signals, Dogecoin's future could be influenced by community trends and the crypto's possible legitimacy beyond its humorous aspect.

Ultimately, if Musk's tweets have regularly injected renewed energy into Dogecoin, the question arises as to the sustainability of these increases in the current context. The popularity of meme cryptos and their yield are attractive, but their volatility remains a challenge for long-term investors. So, Musk's next posts, whether in jest or not, will be closely monitored, as they could once again shape the fate of Dogecoin and other crypto memes in a constantly changing market.

Luc Jose A.

A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I took the commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to relay the latest technological innovations and to put into perspective the economic and societal issues of this ongoing revolution.