Elon Musk, the billionaire CEO of Tesla and SpaceX, has played a massive role in shaping the price movement of Dogecoin (DOGE). From calling it the “people’s crypto” to joking about it on Twitter, his influence has been undeniable. But was it all just fun, or did Musk intentionally manipulate Dogecoin’s price? Let’s analyze how Elon Musk has impacted Dogecoin over the years.
1. The Beginning: Dogecoin’s Unexpected Support (2019-2020)
Dogecoin, originally created as a meme cryptocurrency in 2013, had little real-world use. However, in April 2019, Musk tweeted:
🚀 “Dogecoin might be my fav cryptocurrency. It’s pretty cool.”
This single tweet caused a 20% price surge in DOGE, showing the world how Musk’s words could instantly move the market.
2. The 2021 Dogecoin Boom
January 2021: Dogecoin Pumps 800%
- The GameStop short squeeze and WallStreetBets movement led to a surge in meme stocks and crypto.
- Musk tweeted a meme of Dogecoin overtaking the financial system, and DOGE skyrocketed 800% in 24 hours!
February 2021: Tesla and Dogecoin
- Musk posted a single-word tweet: “Doge”—causing DOGE to jump 50% instantly.
- He later tweeted: “Dogecoin is the people’s crypto”—fueling another rally.
April 2021: Doge to the Moon
- Musk announced SpaceX would accept Dogecoin as payment for a lunar mission.
- Dogecoin’s price hit $0.45, up 6,000% from the start of the year.
3. The SNL Disaster (May 2021)
Dogecoin holders had high hopes when Musk was set to host Saturday Night Live (SNL) on May 8, 2021. Many expected him to pump DOGE to $1.
However, during the show, Musk jokingly called Dogecoin a “hustle”, causing DOGE to crash 40% in a single day! This left many investors believing he had intentionally dumped the price.
4. The Dogecoin Selloff and Tesla Integration (2022-2023)
- In 2022, Tesla began accepting Dogecoin for merchandise, leading to temporary price boosts.
- Musk also hinted that Twitter (X) could integrate DOGE as a payment method.
- However, the overall market downturn and lack of real DOGE adoption kept prices low.
5. The Dogecoin Lawsuit (2023-2024)
Elon Musk faced a $258 billion lawsuit, accusing him of running a Dogecoin pump-and-dump scheme. The lawsuit claimed Musk used:
✅ Twitter influence to drive prices up.
✅ Public appearances to hype DOGE.
✅ Tesla and SpaceX announcements to create false expectations.
Musk denied the allegations, saying he simply likes Dogecoin and supports it.
Manipulation or Just Influence?
While Elon Musk never directly sold Dogecoin, his tweets and public statements massively influenced its price. Whether intentional or not, he helped Dogecoin reach all-time highs—but also caused devastating crashes.
📢 What do you think? Was Musk’s role in Dogecoin manipulation or just market influence? Drop your thoughts in the comments!
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