Dogecoin
Elon Musk and Dogecoin: How the Billionaire Became the ‘Dogefather’
Published
2 months agoon
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As Dogecoin makes a comeback off the back of Bitcoin’s surge, some may be pondering: Where did the asset come from? What’s it for? And what’s Tesla CEO Elon Musk got to do with it?
The original meme coin’s boom largely has the world’s richest man to thank. Musk’s obsession with shitposting helped boost the coin to a top 10 cryptocurrency.
It’s been a wacky ride over the past few years, culminating in Musk’s appointment to lead a government agency called DOGE—yes, really. But we’ll explain it all.
2018: What the DOGE?
Dogecoin is the biggest and oldest meme coin and the second-biggest proof-of-work cryptocurrency. It was created in 2013 as a joke by developers Billy Markus and Jackson Palmer.
The idea was to poke fun at the huge number of altcoins and crypto projects entering the market following Bitcoin’s rapid ascent, and the coin enjoyed relative obscurity and a low price during its early years.
But then along came Musk. The eccentric billionaire asked Palmer in a 2018 tweet to help with the Twitter bot problem. Scammers had created a number of fake high-profile accounts, including Musk’s, in order to push crypto cons. The scams typically posted fake Ethereum giveaways.
It was the first real interest Musk had shown in Dogecoin.
2019: The pump begins
Musk started to pump Dogecoin the next year. “Dogecoin might be my fav cryptocurrency,” he wrote in April 2019, in response to a screenshot of a poll from the official Dogecoin account asking who should be the cryptocurrency’s CEO. “It’s pretty cool.”
The post would be the first of many to cause the asset’s value to rocket upwards. Soon after Musk’s first tweet about Dogecoin, the market cap of the coin hit $400 million and crypto exchange Huobi listed it.
Musk being Musk, however, didn’t stop there: He branded himself Dogecoin’s CEO—briefly—on Twitter before continuing to fire out tweets asking if the coin is “really a valid form of currency” or posting memes associated with the original dog-coin.
2020/2021: Bull run arrives
Musk continued to pump Dogecoin’s price here and there with his tweets, but things really got started during the 2021 bull run. Major exchanges like Coinbase Pro listed Dogecoin and the asset developed a bigger cult following, not to mention growing mainstream awareness.
DOGE gained a market cap bigger than many companies in the S&P 500. And developers exclusively told Decrypt that they had secretly been working with Musk since 2019 to make the coin a valid payment method and a greener, cheaper alternative to Bitcoin.
But things got stranger when Musk called himself the “Dogefather” ahead of a “Saturday Night Live” skit about the cryptocurrency—again sending the asset’s price roaring upwards. DOGE would jump to its all-time high price of about $0.73 at this time.
Musk’s “SNL” appearance ended up being underwhelming for Doge fans, with the SpaceX boss and his mother’s allusions to the coin ultimately pushing its price down. Still, it continued to bring the strange world of meme coins to the mainstream.
Later that year, Musk announced that his rocket company, SpaceX, would launch a satellite to the moon—completely funded by the cryptocurrency.
2022: Tesla/Twitter mania
The Doge mania continued into 2022 when Musk’s car company started accepting Dogecoin for merchandise.
Dogecoin continued to experience price bumps when Musk bought Twitter and rebranded it to X, hinting that it would also become a payments platform that might, eventually, integrate the O.G. meme coin.
Things came back to bite Musk later that year, though, when an American man hit the billionaire and Tesla and SpaceX with a $258 billion lawsuit for allegedly pumping Dogecoin—an asset with “no value at all,” according to the original filing.
But Musk and his lawyers scored a win this year when a judge sided with them and dismissed the lawsuit, calling the tech entrepreneur’s tweets about Dogecoin “aspirational and puffery,” and noting that “no reasonable investor could rely upon them.”
2024: Trump, Musk, and DOGE
Dogecoin had a relatively quiet 2023, but the meme coin has soared in recent months following Musk’s support of Republican Donald Trump’s campaign for the White House.
That’s mostly because Trump said that Musk would lead a government efficiency commission ahead of being voted back into the seat of power; Musk claimed that it would be called the Department of Governmental Efficiency—an acronym that matches Dogecoin’s ticker.
Whenever Musk mentioned his future political role with the so-called DOGE ahead of the election, the price of Dogecoin jumped.
But before Trump’s shock election win, Musk revealed what he has probably thought all along: that he isn’t seriously interested or involved in Bitcoin, Dogecoin, or any cryptocurrency. He just likes the meme coin.
“I’m actually not actively involved in crypto,” he said at a rally. “I make Dogecoin jokes and stuff because I just kind of like Dogecoin—because it’s got the best sense of humor and it has dogs and memes, and I love all those things.”
Still, the price of Dogecoin boomed higher, hitting a three-year high price of $0.48—though it’s fallen since, as of this writing. Musk has recently praised Dogecoin’s rate of inflation and tweeted out a familiar meme image of a dust cloud with the Doge face engulfing a city.
And President-elect Trump made it official that Musk would lead the administration’s new department, though planned co-lead Vivek Ramaswamy bailed in January due to other political ambitions.
Trump is even selling t-shirts showing himself and Musk alongside Doge-esque artwork. And the official DOGE website briefly featured the familiar DOGE meme imagery, boosting Dogecoin’s price in the process.
With Trump back in office, Musk’s DOGE has started aggressively interrogating U.S. government spending, grabbing headlines as it accesses potentially sensitive citizen data while upending professional norms in the process.
Edited by Andrew Hayward
Editor’s note: This story was originally published on November 13, 2024. It was last updated with new details on February 15, 2025.
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Dogecoin Bull Div Plays Out, Analyst Maps Next Price Targets
Published
4 days agoon
April 10, 2025By
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Dogecoin’s momentum has shifted dramatically following macroeconomic developments and a series of strong technical signals, according to crypto chartist Kevin (@Kev_Capital_TA). Yesterday, the broader crypto market surged after President Donald Trump announced a 90-day pause on tariffs for 75 countries, while raising China’s tariffs to 125%.
Bullish Momentum For Dogecoin
The news sent Bitcoin above the $80,000 threshold and catapulted several major altcoins, including Dogecoin, higher. “Daily Bullish divergence on Dogecoin starting to play here,” Kevin writes in his latest update, while cautioning that “obviously macro news has most to do with this, but nonetheless the charts were giving us hints ahead of time that the opportunity was not guaranteed but there.”

In the hours following the tariff announcement, Dogecoin rallied by approximately 13%, strengthening signs of a bullish divergence Kevin first flagged two days earlier. “Dogecoin came down once again to test the bull market structure ‘lines in the sand’ and somehow even though it cleanly broke through earlier in the day was able to recover and close the daily candle slightly above this support level,” he explained.
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Kevin noted the parallel between Dogecoin’s bullish divergence and that of Bitcoin on the daily time frame, suggesting that renewed optimism for DOGE may be tied, in part, to the leading cryptocurrency’s resilience above its own pivotal support.
Kevin’s outlook is rooted in a multi-week assessment of Dogecoin’s technical posture. At the end of March, he pointed to a “weekly demand candle” and the ‘Last line of bull market support.” He emphasized how crucial it remains for Dogecoin to hold above the 0.139 mark. “It will continue to be absolutely vital that Dogecoin hold this level while it resets higher time frame indicators like the 3 Day MACD, Weekly Stoch RSI and 2W Stoch RSI all of which are getting very close to being fully reset,” he said.
DOGE Price Targets
He also described the potential upside for Dogecoin as “phenomenal” relative to the risk of losing that $0.139 threshold for multiple weekly closes. The chart’s Fibonacci retracement and extension levels suggest potential technical targets for Dogecoin that remain relevant for traders seeking directional cues.
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These levels begin with the 0.236 at $0.09038, the 0.382 at $0.13827, the 0.5 at $0.19039, the 0.618 at $0.26216, the 0.65 at $0.28529, and the 0.70 at $0.3310. Higher up, the 0.786 reads $0.41339, the 0.88 is $0.54210, the 1.0 level marks $0.73839, and the 1.0866 is $0.93377.
Further on the extension side, the 1.272 stands at $1.54348, and the 1.414 appears at $2.26813. The analyst underscored that “as long as BTC holds these levels and does not lose $70K then I absolutely love this spot on DOGE,” highlighting how the broader market’s trajectory could shape Dogecoin’s path along these technical markers.

However, the coming days will reveal whether Dogecoin can build on the momentum that emerged amid the tariff-related market surge—and whether the well-worn phrase “the trend is your friend” will keep Dogecoin enthusiasts in a bullish mindset.
At press time, DOGE traded at $0.15751.

Featured image created with DALL.E, chart from TradingView.com
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Dogecoin Faces Make-Or-Break Support Level – Will DOGE Hold?
Published
1 week agoon
April 5, 2025By
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Dogecoin is now trading at critical levels after enduring several days of sustained selling pressure and failing to break above the $0.18 mark. The popular meme coin is currently down 65% from its multi-year high around $0.48, and sentiment around DOGE remains underwhelming. As price action continues to weaken, investors are growing cautious, and bulls are struggling to regain control.
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The broader financial landscape is not helping. Macroeconomic uncertainty, rising geopolitical tensions, and sweeping trade tariffs are shaking global markets, pushing risk-on assets like cryptocurrencies deeper into correction territory. In this environment, volatility and instability are becoming the norm — particularly for highly speculative assets such as meme coins. Dogecoin, known for its price-driven hype cycles, could be especially vulnerable if market conditions continue to deteriorate.
Crypto analyst Ali Martinez shared a technical analysis on X, revealing that Dogecoin is currently testing a key support level. According to Martinez, this level will likely determine the coin’s next big move — either triggering a rebound or opening the door to deeper losses. With sentiment still fragile and volatility high, DOGE’s next steps will be closely watched as it teeters on the edge of further downside.
Dogecoin Trades At Make-Or-Break Level As Bears Dominate
Dogecoin is trading at a critical demand zone after enduring weeks of aggressive selling pressure that has dragged the price below key resistance levels. Among all crypto sectors, meme coins have taken the hardest hit during the recent market correction, and DOGE is no exception. The asset continues to follow a strong bearish trend, and unless bulls can defend the current support, the downtrend could accelerate.
At present, Dogecoin is hovering just above the $0.17 level — a key threshold that may decide whether the coin rebounds or continues to slide. Martinez’s insights highlight the significance of this zone. According to Martinez, Dogecoin is now at a “make-or-break” level, and how it behaves here will shape its short-term and possibly long-term trajectory.

Martinez pointed out that DOGE has been trading within a long-standing bullish channel, and the $0.17 level sits at the lower boundary of this structure. A decisive hold at this level could act as a launchpad for a significant rally, especially if broader market sentiment improves. Conversely, if DOGE loses this support, the bullish structure would break down — opening the door to deeper losses.
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With meme coins underperforming and macro uncertainty still in play, all eyes are on DOGE’s next move. If bulls fail to defend the $0.17 mark, Dogecoin could face another leg lower. However, if this crucial support holds, a powerful rebound may follow, offering a rare window of opportunity for patient investors.
DOGE Trades Below Key Averages As Bulls Defend $0.16 Support
Dogecoin is currently trading at $0.169 after several days of struggling to regain momentum below the 4-hour 200 MA and EMA, both hovering near the $0.18 level. The recent rejection from this technical zone has kept DOGE under pressure, with price action showing signs of continued weakness. Bulls are now in a tight spot, needing to defend current levels to avoid a deeper correction.

To confirm a potential recovery rally, DOGE must not only hold above the $0.169 mark but also break decisively above the $0.205 resistance level. This area has acted as a key barrier in recent weeks, and a breakout would signal a shift in momentum and open the path toward higher levels.
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However, the downside risks remain. If DOGE loses the $0.16 support — a level that has held through previous dips — it could quickly fall below the $0.15 mark, deepening the bearish trend. With meme coins underperforming across the board and overall market sentiment still fragile, Dogecoin’s next move will be crucial. A bounce from here could mark the beginning of a recovery phase, but failure to reclaim key technical levels could result in another leg down.
Featured image from Dall-E, chart from TradingView
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Avalanche
Crypto Trader Says Dogecoin Is at a Critical ‘Make-or-Break’ Level, Updates Outlook on Solana and Avalanche
Published
1 week agoon
April 4, 2025By
admin
Cryptocurrency trader Ali Martinez believes Dogecoin (DOGE) is at a critical level that could determine its price direction over the near term.
Martinez tells his 134,800 followers on the social media platform X that Dogecoin is at a “make-or-break level” of around $0.16.
According to Martinez, Dogecoin could either go up substantially by up to 256% from the support zone if the critical level holds as support or fall precipitously by around 60% if the critical level fails as support.
Based on a chart by the crypto trader, it appears he’s suggesting that Dogecoin is in an ascending channel on the weekly time frame and the make-or-break level is the lower boundary of the pattern.
“If $0.16 holds, a rally to $0.57 could follow. If it fails, a drop to $0.06 becomes likely.”
Dogecoin is trading at $0.158 at time of writing.
Next up is Solana (SOL). Martinez says the seventh-largest crypto asset by market cap is primed to go lower after breaking down below a descending triangle pattern on the daily time frame. Based on Martinez’s chart, it appears he is suggesting that Solana could plummet to around $60, about 47% from the current level.
Solana is trading at $114 at time of writing.
Turning to Avalanche (AVAX), Martinez says that the utility token of the layer-one blockchain is primed to break down from the lower boundary of a rectangle pattern that has formed on the daily time frame. According to Martinez, Avalanche could fall by up to 61% from the current level.
Avalanche is trading at $18 at time of writing.
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