Tesla chief and Dogecoin supporter Elon Musk hails the leading coin on Christmas Day.
Regular mentions of helping pay for goods, the world’s richest man and CEO of Tesla Elon Musk has long established itself as a champion of the popular dog-themed crypto meme Dogecoin (DOGE). So it’s no surprise that the billionaire didn’t miss the opportunity to shout out the popular crypto on Christmas Day.
“Who let the DOGE out? »
Amid the Christmas festivities, Tesla CEO Elon Musk took the time to offer a Dogecoin mention with a play on the lyrics of Baha Men’s 2000 hit song, “Who Let the Dogs Out “.
“Who let the DOGE out? » Musk wrote, captioning a photo of his dogs Gatsby, Marvin and Floki in Christmas-inspired costumes in an X post on Wednesday, December 25.
🎶Who let DOGE out? 🎶 pic.twitter.com/1GR7Cih54R
– Elon Musk (@elonmusk) December 25, 2024
But Musk’s call for DOGE didn’t stop there, as keen observers were quick to point out that the cape of Floki, a dog who also inspired his own successful coin, was decorated with Dogecoin logos.
Many DOGE supporters and ardent Musk followers are hoping that the billionaire’s latest show of support will have bullish implications on the price of the meme coin. One observer pointed out that the last time the billionaire posted these words in reference to the meme coin, they went parabolic shortly after.
The position in question appeared on February 7, 2021. Besides an immediate price rally that day, DOGE launched a parabolic rally to an all-time high of $0.73 about two months later, in a run that many attributed to Musk’s continued support and influence.
There is no clear indication that such a rally is imminent, as DOGE is trading down 5% on Thursday, December 26, at $0.3162. However, over the past month, analysts have continued expect higher prices for the asset, arguing that it reproduces its price action from the 2017 and 2021 bull cycles.
While most DOGE supporters are on board with Elon Musk’s support, the billionaire’s antics have already resulted in a class-action lawsuit filed for market manipulation. The trial was dismissed with prejudice in August 2024.
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