Pseudonymous crypto analyst Kaleo brought up a move by Tesla CEO and X owner Elon Musk last year that sent Dogecoin DOGE/USD shooting sky high around April Fool’s Day.
What Happened: The post on X, formerly known as Twitter, noted that Musk changed the Twitter logo to Dogecoin a few days after April Fool’s Day.
Musk’s potential influence on the cryptocurrency market stirred the analyst to note the remarkable movement in DOGE last year. Pointing to a potential for a repeat this year, the analyst said, “In before he runs it back.”
Despite Musk’s recent notable actions at Twitter, he has remained tight-lipped about Dogecoin so far.
The comments section of Kaleo’s post is teeming with speculation, as some foresee a recurrence while others maintain a skeptical stance.
Dogecoin, a cryptocurrency initially conceived as a lighthearted joke by software engineers Billy Markus and Jackson Palmer, has since gained traction as the pioneer of “meme coins” and specifically “dog coins” within the crypto sphere.
Why It Matters: Musk has a history of using his social media presence to talk about Dogecoin and other cryptocurrencies. His tweets have often led to significant price movements in the market. For instance, when he changed the Twitter logo to Dogecoin last year, the price of Dogecoin surged by over 20% in just 30 minutes.
This speculation comes at a time when the performance of Dogecoin has been a topic of interest. Cryptocurrency analysts have been closely monitoring the performance of Dogecoin amid the flurry of interest surrounding newer meme coins. DOGE has so far run up more than 125% since 2024 began. Over a 30-day period, it has gained 42.6%.
Despite the skepticism surrounding meme coins, BitMEX co-founder Arthur Hayes has advised against dismissing them entirely, suggesting that they may have value.
Price Action: At the time of writing, Dogecoin traded 6.8% lower at $0.20, according to data from Benzinga Pro.
Image Via Shutterstock
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