Musk's support for $DOGE dates back to 2021, but in the past few months, despite his proposal of the "Department of Government Efficiency (DOGE)," the market performance of DOGE has not fluctuated much. However, this time Musk's endorsement not only caused $DOGE to surge by 15% in the short term, but this upward trend is still ongoing. This reminds people of Musk's endorsements for DOGE during the bull market of 2021, when in January, February, and April, Musk mentioned DOGE multiple times on Twitter, and each mention led to at least a 37% increase in DOGE's price, with the highest increase reaching 404%. However, some may think that Musk's endorsement indicates the arrival of a bull market, but the subsequent data may break this expectation. In fact, even during the bear market of 2022, Musk endorsed DOGE several times, specifically in January, April, and June, and these endorsements resulted in increases ranging from 10% to 32%. If we compare this 15% increase of $DOGE with previous situations, this alone is insufficient to conclude that a bull market is imminent. But it is certain that this is a phenomenon that has never occurred during the bear market. Whether Musk can replicate the glory of the "Musk Investment Advisor" still requires our continuous observation.
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