Elon Musk is known for his tweets about cryptocurrencies, especially Dogecoin, which he has called his favorite coin1. He has also changed his profile picture several times to feature different images related to Dogecoin, such as a Shiba Inu dog, a Doge astronaut, and a Bored Ape. These changes often coincide with spikes in Dogecoin’s price, as his followers and fans react to his signals.
However, correlation does not imply causation, and there may be other factors that influence Dogecoin’s price movements. For example, Dogecoin is also affected by the overall market sentiment, the supply and demand dynamics, the innovation and development of the project, and the competition from other cryptocurrencies4.
Therefore, I think Elon Musk’s movement can have a short-term impact on Doge’s price, but it is not enough to make Doge return to the moon. Doge needs to prove its long-term value and utility as a cryptocurrency, and not rely on the whims of one influential person.