Dogecoin (DOGE -0.58%) made gains in Thursday trading: As of noon ET, the cryptocurrency’s price was up 6.4% from the previous 24 hours. In the meantime, Bitcoin (BTC -0.53%) was up 3.4%, and Ethereum (ETH -0.99%) was up 4%.
The rise of Dogecoin appears to have been triggered by a recent movement of Tesla and X CEO Elon Musk.
Musk helps crypto start 2025 on a bullish note
At the very end of 2024, Musk briefly changed his X account username to “Kekius Maximus.” The name refers to several memes and characters from video games and films, and the nickname change may have been intended as a joke in the media. Musk cited a tweet from a user who goes by the name “Adrian Dittman”: “Imagine you’re a journalist writing about Elon on X and it says: ‘Elon Musk, aka ‘Kekius Maximus’ on X…” Some people believe Musk also runs the Adrian Dittman account.
Musk has since abandoned the mandate of Kekius Maximus, which has coincided with further volatility in valuations. Still, its name sets have had an overall bullish impact on the crypto market, and coins especially.
What’s next for Dogecoin?
Musk has proven to be incredibly influential when it comes to the valuation of cryptocurrencies. The tech leader’s social media posts and offhand comments have often triggered dramatic token price movements. Notably, Musk has been one of the most visible supporters of Dogecoin – even if his advocacy for the cryptocurrency sometimes seems to be framed with elements of irony.
Outside of macroeconomic factors, Musk’s support could be the biggest catalyst for Dogecoin pricing in 2025. With the Tesla founder being one of the leaders of the Department of Government Efficiency (DOGE) under the new Trump administration, he The token may continue to benefit from meme-fueled momentum.
Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the securities mentioned. The Motley Fool has a disclosure policy.