Elon Musk’s relationship with Dogecoin (DOGE) has been a significant factor in the cryptocurrency’s journey from a niche meme coin to a more recognized digital asset.
Here’s a breakdown of their connection:
- Early Support and Endorsements: Musk began tweeting about Dogecoin in early 2021, referring to it as the “people’s crypto” and joking about its potential to become the “currency of Earth”. These early endorsements, often featuring memes and lighthearted comments, significantly boosted Dogecoin’s popularity and visibility. He even ate a slice of Bitcoin cake in 2013 but admitted to a soft spot for Dogecoin because he likes dogs and memes.
- Market Impact: Musk’s tweets about Dogecoin have been known to cause considerable price fluctuations. For example:
– A tweet in February 2021, calling Dogecoin “the people’s crypto” and including a meme from Disney’s The Lion King , caused a 50% price increase.
– In December 2021, Dogecoin spiked over 20% after Musk announced that Tesla would accept the currency as payment for merchandise.
– In April 2023, the Dogecoin price increased after Musk temporarily changed the Twitter app logo to the Doge meme.
– His social media posts in August 2025 triggered an 8.02% surge in Dogecoin and a rally in Bitcoin, demonstrating his continued influence on cryptocurrency markets.
- Business Integration: Musk has gone beyond mere commentary, incorporating Dogecoin into his businesses:
– Tesla has accepted DOGE as a payment method for some of its products.
– SpaceX announced a mission to the Moon that was to be completely funded by Dogecoin.
– X (formerly Twitter) recently integrated Dogecoin payments into its platform.
- Dogecoin Foundation Involvement: Musk is represented on the Dogecoin Foundation’s Board of Advisors by Jared Birchall, further cementing his connection to the cryptocurrency.
- Controversy and Criticism: Musk’s influence over Dogecoin’s price has led to criticism, with some accusing him of market manipulation. Dogecoin co-founder Jackson Palmer has called Musk a “self-absorbed grifter”. Lawsuits have also been filed against Musk and Tesla for allegedly defrauding investors by hyping Dogecoin and engaging in insider trading.
- The “Department of Government Efficiency (DOGE)”: Musk’s brief leadership of this initiative within the US federal government under the Trump administration in 2025 generated additional buzz for the meme coin due to the shared acronym, although his role proved controversial and short-lived.
In essence, Elon Musk has been a vocal supporter and promoter of Dogecoin, significantly impacting its visibility, adoption, and market value, despite the associated volatility and criticism.
Is Elon Musk investing in Dogecoin?
Elon Musk and Dogecoin
Nevertheless, because cryptocurrencies are not regulated like stocks, these actions are not illegal. Musk and his promotion of Dogecoin have been criticized by Dogecoin co-founder Jackson Palmer, who called Musk a “self-absorbed grifter”.
What is Elon Musk’s favorite cryptocurrency?
Dogecoin, the meme coin once adored by Elon Musk, has jumped more than 10% over the last seven days, riding the crypto market rally as Bitcoin hit a record high of $123,091.61 early this week. A meme coin is a type of cryptocurrency that parodies a mainstream cryptocurrency.
What if you invested $1000 in Dogecoin 5 years ago?
Those 391,849 dogecoins would have ballooned in value from your initial $1,000 stake to around a whopping $67,400 at its current trading price as of March 14, 2025. These returns are a testament to the extraordinary evolution that dogecoin has undergone.