Dogecoin and its 'roller coaster' relationship with Elon Musk

The relationship between Dogecoin and Elon Musk can be described as a tumultuous roller coaster ride. Dogecoin, created as a joke in 2013, caught the attention of Musk, who has publicly supported the cryptocurrency through numerous tweets, leading to significant fluctuations in its value. For example, the price of Dogecoin skyrocketed to $0.4 when Musk was appointed to lead the Government Performance Council (DOGE) and then plummeted by 40% after Musk admitted that Dogecoin was just a joke during the Saturday Night Live show.

Additionally, Musk has repeatedly boosted the value of Dogecoin by changing the Twitter logo to a Shiba dog, resulting in a 25% increase in the token's price just before and a 10% decrease within days after he reverted to the old symbol. Musk's actions and statements often cause the price of Dogecoin to fluctuate wildly, making investors feel like they are on a "roller coaster." Despite sparking considerable controversy over whether Musk is manipulating the price of Dogecoin, many still regard him as a key factor in driving the popularity and value of this cryptocurrency.