• Elon Musk’s influence drives Dogecoin’s price spikes.
• DOGE maintains relevance amid the market downturn.

Dogecoin [DOGE] was no exception to the broader market downturn as its price logged a 11% declined. Though a big name in the industry now, initially the token was dismissed as a joke.

Dogecoin gained traction following endorsements from Tesla CEO Elon Musk. Notably, Musk’s remarks on April Fool’s Day last year propelled Dogecoin to new heights.

Noting Musk’s pattern, Kaleo, an anonymous crypto analyst noted, 

“Last year Elon waited to change the X logo to DOGE until a couple of days after April Fool’s day…In before he runs it back.” 

This highlights the anticipation surrounding Musk’s involvement and its potential impact on DOGE’s price dynamics.

Elon Musk’s forever favorite 

Similar spikes in DOGE value occurred previously in December 2021 and January 2022, when Musk tweeted about Tesla considering merchandise purchases with Dogecoin, subsequently confirming the plans.

With Dogecoin, becoming people’s new favorite among altcoins, renowned cryptocurrency analyst Ali Martinez has highlighted the potential for a price surge in DOGE. He noted, 

“I feel my fellow degens have been distracted with the new shiny memecoins, but Dogecoin remains the most important altcoin in this sector.”

He further added, 

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Author: Ishika Kumari

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