In November 2024: Musk reiterated his strong support for Dogecoin via the X platform (formerly Twitter), noting its “true potential.” This support coincided with the settlement of a lawsuit against him alleging that he manipulated the price of the coin for personal gain. These developments have made investors optimistic again, and contributed to an increase in demand for the coin. - In other public statements:
Musk indicated that he was willing to support the currency if it met the desires of its users, which led to the currency gaining 14% before stabilizing in the markets. - Musk’s statements have always been a major catalyst for Dogecoin’s price movement, making it one of the most volatile cryptocurrencies based on his statements and interests. -
Effect of mask support:-
Market volatility: Musk’s tweets have caused significant fluctuations in the value of Dogecoin, with the coin rising from being a joke to one of the most traded currencies.- Criticism: Some analysts have criticized his impact on the market, saying his statements create chaos and unsustainable inflation in currency prices.
