Elon Musk, CEO of Tesla and SpaceX, has been a prominent advocate for Dogecoin, often using his social media platforms to express support for the cryptocurrency. His tweets and public comments have historically led to significant fluctuations in Dogecoin's market value. For instance, in December 2020, Musk's tweet stating "One Word: Doge" resulted in a 20% surge in Dogecoin's price. Similarly, his April 2021 tweet featuring the phrase "Doge Barking at the Moon" corresponded with a more than 100% increase in the cryptocurrency's value.
In November 2024, President-elect Donald Trump appointed Elon Musk to lead the newly established Department of Government Efficiency (DOGE). This announcement coincided with a notable spike in Dogecoin's market value, reflecting the cryptocurrency's sensitivity to Musk's public engagements and the acronym's resemblance to Dogecoin's ticker symbol.
As of March 19, 2025, Dogecoin is trading at approximately $0.166256, experiencing a slight decrease of 0.04526% from the previous close. The cryptocurrency reached an intraday high of $0.174903 and a low of $0.163117.
While Musk's involvement with DOGE has influenced Dogecoin's market dynamics, it has also attracted criticism. Some investors express concern that his focus on DOGE may divert attention from his other ventures, such as Tesla. For example, Christopher Tsai, president and CIO of Tsai Capital, hopes Musk's involvement with DOGE is temporary, allowing him to dedicate more time to his businesses, especially Tesla.
In summary, Elon Musk's public endorsements and recent governmental role have significantly impacted Dogecoin's market performance, underscoring the cryptocurrency's volatility and the influence of high-profile figures on its valuation.
