Elon Musk fails to pump dogecoin with DOGE tweet

It appears that billionaire Tesla and SpaceX boss and X owner Elon Musk's influence over the price of the top meme coin Dogecoin (DOGE) is waning. The meme-loving entrepreneur may need to make more substantial moves to pump the price.

Today, on his X platform, Musk posted an image suggesting he's "willing to serve" in the "Department of Government Efficiency," adding "D.O.G.E" to the picture.

I am willing to serve pic.twitter.com/BJhGbcA2e0

undefined Elon Musk (@elonmusk) August 20, 2024

Not so long ago, this type of mention would have been enough to push DOGE into double-digit gains. However, this time, since the tweet, the price has only risen by about 2%, essentially moving in line with the broader cryptoasset market, which is also in the green today.

Musk, who was jokingly proclaimed the CEO of Dogecoin, is known for influencing the DOGE market. However, these moves don’t always benefit speculators.

For instance, in April 2023, when Twitter (now X) briefly changed its logo to the Dogecoin mascot – a Shiba Inu dog – the price surged by more than 20%, only to give up nearly all those gains within a few days. Similarly, in May 2021, DOGE crashed by more than 60% after Musk joked about it during his “Saturday Night Live” debut.

These market antics led to a $258 billion lawsuit, with investors accusing Musk of manipulating the price of the top meme coin.

Meanwhile, this year, Musk has hinted that dogecoin "at some point" could be added as a payment option for Tesla buyers.

Dogecoin is the original meme coin, inspiring countless others based on themes like dogs, cats, frogs, and more. Meme coin mania especially surged this year, with some trades delivering eye-watering profits, while others resulted in substantial losses due to manipulation or outright scams.

Analysts predict that meme coin mania is fading and will eventually flop, much like the initial coin offering (ICO) and non-fungible token (NFT) crazes did.

At the time of writing, DOGE, the 9th largest cryptoasset by market capitalization, is trading at USD 0.105, up almost 5% on the day, trimming its monthly losses to 20%. While the price has jumped 64% over the past year, it remains down 86% from its all-time high, reached in May 2021.

The price of DOGE

Source: Coingecko.com