Musk's endorsements of DOGE have indeed had a significant impact on the market. Since 2021, Musk has mentioned DOGE multiple times on social media, with each mention accompanied by substantial fluctuations in DOGE's price. For instance, in January, February, and April of 2021, Musk endorsed DOGE on Twitter, resulting in an increase of at least 37%, with peaks reaching as high as 404%. However, this does not mean that every endorsement from Musk signals the arrival of a bull market. During the bear market of 2022, Musk also endorsed DOGE in January, April, and June, but these times saw increases ranging from 10% to 32%.

Recently, Musk mentioned DOGE again during a speech in Pennsylvania, causing DOGE's price to rise by 15% within 24 hours. This event recalls Musk's endorsements of DOGE during the bull market of 2021. Nevertheless, this 15% increase alone cannot confirm whether a bull market is on the horizon. However, it is certain that this had not happened during the previous bear market.

Musk's influence on DOGE is not limited to his tweets; he has also impacted DOGE's price through other means. For example, both Tesla and SpaceX have accepted DOGE as a payment method, further enhancing DOGE's mainstream application scenarios. Additionally, Musk proposed the establishment of a “Department of Political Efficiency” (D.O.G.E), which could bring new political traffic potential to DOGE.

Overall, Musk has a significant impact on DOGE's price, but his endorsements do not always signal the arrival of a bull market. Investors considering investing in DOGE should take into account various dimensions, including market sentiment, technical analysis, fundamental factors, and Musk's influence.