The success of Dogecoin cannot be separated from Elon Musk's continuous support. The founder of Tesla has repeatedly promoted the topic of DOGE through social media platforms, drawing wide market attention.

Recently, Musk has also established a deeper connection with Dogecoin — he participated in the creation of an agency called the "Department of Government Efficiency" (DOGE), aimed at simplifying government operations, which not only increased the popularity of Dogecoin but also endowed it with a certain "political mission sense".

In addition, Dogecoin has gained support from financial innovation. Valour, a subsidiary of DeFi Technologies, announced the launch of an exchange-traded product (ETP) based on DOGE on November 26. This news indicates that Dogecoin is moving from being viewed as a "meme" digital asset towards traditional financial markets. Johanna Belitz, the head of Valour Nordic, pointed out that the launch of the ETP is based on market demand and the influence of important figures such as Musk.