Elon Musk and Dogecoin: How the Billionaire Became the ‘Dogefather’

and Dogecoin Make a comeback at the end of last year and early 2025some may be contemplating: where did the assets come from? What is that for? And did Tesla CEO Elon Musk have something to do with that?

The original memecoin boom has the wealthiest person in the world who is mostly grateful. Musk’s obsession with shit helped boost the coin Top 10 cryptocurrencies.

Over the past few years it has been a quirky ride, leading to the appointment of Musk, who will lead a government agency called Doge – yes, Doge. But we explain it all.

2018: What’s the dog?

Dogecoin is the largest and oldest meme coin and the second largest proof of work cryptocurrency. it was Created In 2013, a joke by developers Billy Marx and Jackson Palmer.

The idea was to enjoy the vast number of altcoins and crypto projects entering the market following the rapid rise in Bitcoin, which enjoyed relative ambiguity and low prices in the early days.

But then the musk came. Eccentric billionaire I asked Palmer of 2018 tweets supporting Twitter bot issues. The scammers have created many fake famous accounts, Includes muskCrypto Cons. Scams usually post fake Ethereum giveaways.

That was the first real interest that Musk showed with Dogecoin.

2019: The pump starts

The following year, Musk began pumping Dogecoin. “Dogcoin may be my favorite cryptocurrency,” he said. I wrote it in April In 2019, according to a screenshot of a vote from the official Dogecoin account asking if you should be CEO of Cryptocurrency. “It’s pretty cool.”

This post is the first of many people who will raise the value of their assets upwards into rockets. Shortly after Musk’s first tweet about Dogecoin, the coin’s market capitalization reached $400 million and Crypto Exchange Huobi It is listed that.

However, musk, which is musk, did not stop there. He branded Dogcoin CEO on Twitter before continuing to fire tweets. ask If the coin is a “really valid currency” or post Meme It is associated with the original dog coin.

2020/2021: Bull Run arrives

Musk I continued pumping Prices are everywhere on Dogecoin’s tweets, but it really started with the 2021 Bull Run. Major replacements like Coinbase Pro Dogecoin listed And the asset has developed a larger cult following, not to mention growing mainstream recognition.

Doge has achieved a greater market capitalization than many of the S&P 500 companies. Decryption What they had I’m secretly working Since 2019, we have been using Musk to make coins a valid payment method and a more environmentally friendly, cheaper alternative to Bitcoin.

But things got weird when it was Musk I called myself Prior to the Saturday Night Live skit on cryptocurrency, “dogefather” sends the price of the asset upwards. Doge jumps to around $0.73, the highest price ever at this point.

The “SNL” look of the mask is over It’s overwhelming For Doge fans, the suggestions to SpaceX boss and his mother’s coins ultimately push the price down. Still, it continued to bring the strange world of memecoin to the mainstream.

Later that year, announcement His rocket company SpaceX launches satellites on the moon is fully funded by cryptocurrency.

2022: Tesla/Twitter Mania

Doge Mania continuation Until 2022, when masked car companies began accepting dog coins for their products.

Dogecoin continued to experience price bumps when Musk bought Twitter Rebranded to xwhich suggests that it will ultimately become a payment platform Integrate OG Meme Coin.

But later that year things came back to American men chew musk strike According to the original filing, the billionaire, Tesla and SpaceX filed a $258 billion lawsuit allegedly pumping Dogecoin.

But Musk and his lawyer I won In 2024, a judge sided with them, dismissing the lawsuit, calling the tech entrepreneur’s tweet about Dogecoin “ambitious and inflated,” saying “a reasonable investor cannot rely on them.”

2024-2025: Trump, Musk, Doge

Dogecoin was a relatively quiet 2023, but memecoin spiked last year Following Republican Donald Trump’s support of Mask’s White House campaign.

That’s largely because Trump said Musk would head the government’s efficiency committee before he was voted for power. Musk claimed it was called the government’s Ministry of Efficiency. This is an acronym that matches the ticker in dogcoin.

Whenever Musk mentioned his future political role in the so-called Doge ahead of the election, Dogecoin’s price jumped.

But before Trump’s election was won, Musk made it clear that he had probably been thinking about for a long time. He likes meme coins.

“I’m not actually actively involved in cryptography,” he said. I said At the meeting. “I’m kidding Dogecoin and others because I’m like Dogecoin, because I have the best sense of humor and I have a meme with dogs.

Still, Dogecoin’s prices have risen, reaching $0.48 over the three years, but at the time of writing it has dropped significantly. Musk recently praised Dogecoin’s inflation rate and tweeted the familiar meme image of Dust Cloud, where Doge Face is swallowing up the city.

And while President Trump made it official that Musk would lead a new division of the administration, co-led Vivek Ramaswamy, who was bailed out in January due to other political ambitions.

Trump sold a T-shirt showing himself and Musk along with Doge-Sque’s artwork. The official Doge website has briefly featured the familiar Doge Meme Imagery and in the process it has raised the price of Dogecoin.

Once Trump took office, Musk’s Doge began actively interrogating US government spending, and in the process began grabbing headlines to access potentially sensitive citizen data while maintaining professional norms.

However, Musk left the government role in May, and a public rift formed between the two men. Musk made some shocking claims about Trump, and the president said in return that Doge should scrutinize the company of Musk and that he would consider deporting him.

Although it temporarily boosts conflict-inspired meme coins, the public battles have benefited none of the price of Dogecoin.

Currently, Elon Musk is focusing on his company, and recent moves have rekindled speculation about whether X could consolidate Dogecoin or other cryptocurrencies for payment.

And Musk picked up another connection to recent Dogcoin, albeit unofficial.

Musk’s lawyer Alex Spiro helped protect him in a $258 billion class action lawsuit last year, but is now chairman of Cleancore Solutions, a publicly-publicly charged company as the “official” Dogecoin Treathley Company. This is thanks to support from House of Doge, the commercialization arm of the Dogecoin Foundation, which supports development around the coin.

Editor’s Note: This story was originally published on November 13th, 2024. Last updated on September 28, 2025 with new details.