Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Many may have forgotten about how Elon Musk proclaimed himself "The Dogefather" on a popular U.S. late night show in 2021. This was directly attributed to the billionaire being a main endorser of Dogecoin (DOGE), a popular meme cryptocurrency.
However, since then Musk rarely used this moniker, almost never. Till today, after receiving a DOGE-labeled chainsaw from Argentina president Javier Millei, Musk updated his profile pic on X, a social network he owns, and put "The Dogefather" on the background.
Yuri MolchanThis time it seems another DOGE that was implied by Musk — the Department of Government Efficiency DOGE, which the billionaire heads.
However, for us cryptocurrency enthusiasts, the memories about the billionaire calling himself as such because of Dogecoin are still fresh in our minds. The post has 37 million users already and received over 533,000 likes and 58,000 reposts. "This is a real picture," Musk himself captioned the new post.
And market?
Unimpressed. On the price of the popular meme coin this act, however, had little to zero impact, and Dogecoin is currently trading with just 0.46% gain over the course of today's trading session. To put that into perspective, the whole altcoin market represented by the TOTAL2 index is up over 1%.
So, DOGE not only didn't get anything positive from Musk remembering that he is "The Dogefather," but even underperforming the rest of the alternative cryptocurrencies segment.
Gamza KhanzadaevWhat does this all mean? Maybe nothing. Maybe everything. Musk plays by his own rules, and the market seems to have learned not to react too quickly. But for those who still remember the early days of Musk-driven DOGE rallies, this moment brings back some memories — even if the price charts do not.
Dan Burgin
Vladislav Sopov