Dogecoin Surges 8% After Elon Musk’s “Dogefather” Remark

Dogecoin (DOGE) has seen an 8% surge following Tesla CEO Elon Musk’s recent reference to himself as “The Dogefather,” recalling a comedy skit where he adopted the title. Musk revisited this experience during a recent episode of the All In podcast, where he discussed his 2021 Saturday Night Live (SNL) appearance. In that show, Musk humorously explained Dogecoin’s features.

Department of Government Efficiency pic.twitter.com/HFeHYNIkJN
— Elon Musk (@elonmusk) September 7, 2024

Musk’s “Dogefather” Reenactment

In his latest appearance on the All In podcast, Musk reenacted a scene from the iconic movie The Godfather, adding a Dogecoin twist. Portraying himself as The Dogefather, he envisioned wearing a tuxedo and speaking in the style of Don Vito Corleone.

During the podcast, co-host Jason Calacanis set up a scenario where someone asked for Dogecoin instead of Bitcoin at Musk’s daughter’s wedding. Musk humorously joined in, imagining the person asking for private keys. He questioned the individual’s loyalty and stressed that he should be called “The Dogefather.”

DOGE Jumps Over 8%

Before Musk’s appearance on the podcast, Dogecoin’s price had already jumped 8.21%, following his joke that the “Department of Government Efficiency” might adopt Dogecoin as its mascot. Musk is expected to head this agency if Donald Trump wins reelection.

Despite the recent market downturn, Dogecoin, like other major cryptocurrencies, faced challenges. Last week, DOGE dropped from $0.09907 to a low of $0.08962. However, the token recovered swiftly, reaching a high of $0.1046 yesterday. Currently, Dogecoin is trading at $0.1034, marking an 8.02% increase over the past 24 hours. This uptick highlights Musk’s continued influence on Dogecoin’s price movements.

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Musk’s support previously contributed to Dogecoin’s massive rally, pushing it to an all-time high of $0.7376 in May 2021. However, DOGE has since declined by 85.97% from that peak.

Lanre Durojaiye

Mr. Durojaiye Olusola is a finance graduate and cryptocurrency writer with over a year of experience providing market insights and clear, well-researched analysis. Dedicated to helping readers understand blockchain trends and digital asset developments.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.