Is Elon Musk Behind Dogecoin’s 100% Price Explosion?

Dogecoin Elon Musk
Dogecoin Elon Musk

NAIROBI ( — Dogecoin (DOGE), the beloved meme cryptocurrency, is on a tear, doubling in price in a recent surge. Could this be a coincidence, or is everyone’s favorite crypto hype man, Elon Musk, secretly pulling the strings? With his ongoing legal battle against OpenAI, the timing has got tongues wagging across the crypto-sphere.

Elon, Dogecoin, and Springtime Shenanigans

Elon Musk, the ever-controversial billionaire, has a bone to pick with OpenAI. In a bombshell lawsuit, he claims that OpenAI’s partnership with Microsoft has derailed the company’s mission to create open-source AI for the good of humanity. Musk demands a return to open-source principles and wants to stop the commercialization of potentially world-altering AI technology.

The connection to Dogecoin, you ask? Well, the “Dogefather” himself, Elon Musk, has a habit of boosting his favorite meme coin with outlandish tweets and stunts. Historically, DOGE has experienced meteoric rises in the springtime, especially around March and April.

Dogecoin pump tweet
Jay’s tweet about Dogecoin price pumps. Source: X

The stats don’t lie – remember when DOGE surged by 874% in 2021? Last year wasn’t too shabby either, with a respectable 48% price jump. And hey, the trend seems to be holding, with a 31% increase this year. Coincidence? Or is Elon’s Dogecoin magic at work?

DOGE Eyes the Moon

Dogecoin’s performance has been spectacular, with its price hitting $0.1693, marking a jaw-dropping 100% increase in just seven days. The memecoin now boasts a whopping $24.26 billion market cap, securing its position as the 9th largest cryptocurrency by market cap. The volume has surged by 71.11% to $4.95 billion, indicating a frenzy of buying activity.

The coin’s RSI (Relative Strength Index) is even more staggering, sitting at a scorching 93, signaling that Dogecoin is in overbought territory. This could mean a correction is on the horizon, or perhaps the Doge’s bark is getting louder.

Dogecoin price daily chart
DOGE/USD daily price chart. Source: TradingView

As Bitcoin aims for a new all-time high, the spotlight is on Dogecoin. Could the meme coin ride the wave of the broader crypto market’s success? With Elon’s Dogecoin magic in the mix, anything seems possible. After all, imagine what one well-timed Elon tweet could do when DOGE is already at 17 cents.

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