Elon Musk, the world’s richest person and CEO of Tesla, has once again ignited a crypto frenzy with a tweet declaring “Dogecoin is the people’s crypto.” The statement, posted shortly after Musk announced a brief hiatus from Twitter, caused the meme token’s price to surge from $0.0411 on February 3 to a peak of $0.0588. Although the price has since retreated, DOGE was trading at $0.0541 at press time, still 60% higher than the previous day’s low.
A Week of Astronomical Gains
The latest spike is just part of a broader rally for Dogecoin. According to data from Messari, the token hit an all-time high of $0.0791 following Musk’s earlier endorsements. Over the past seven days, DOGE has skyrocketed more than 400%, pushing its market capitalization to $6.74 billion. Musk’s influence on crypto markets is well-documented: when he changed his Twitter bio to include “bitcoin” earlier this year, Bitcoin’s price jumped over 20% within hours.
Dogecoin, originally created as a joke in 2013, has become one of the most volatile and community-driven assets in crypto. Musk’s tweets have repeatedly acted as catalysts, attracting both retail speculators and criticism.
Backlash and Calls for Regulation
Not everyone is celebrating Musk’s market-moving tweets. Several analysts have accused him of deliberately pumping tokens for personal gain. “He’s using his platform to manipulate markets for himself and his friends,” one critic said. Others argue that such tweets hurt “the little guy” who may FOMO (fear of missing out) into positions at peak prices. Some Twitter users have called on regulators to investigate Musk’s activity, suggesting it violates securities laws.
Musk’s brief announcement that he would leave Twitter—which he later rescinded—was seen by some as a reaction to the mounting criticism. However, since returning, he has posted at least five more tweets about Dogecoin, further fueling the fire.
Mixed Reactions from the Community
On Twitter, reactions are divided. Many users thanked Musk for helping them profit: “You made me a lot of money, thank you!” wrote one. Others pleaded with him to repeat the trick for other tokens. But not everyone came out ahead. A user named Poison joked, “I lost money because I listened to you, man.”
Outlook and Risks
Despite the pullback, Dogecoin remains one of the most talked-about cryptocurrencies. Its reliance on Musk’s whims, however, presents a clear risk. While retail enthusiasm is high, analysts warn that the token’s fundamentals do not support its current valuation. Moreover, regulatory scrutiny is intensifying globally. If authorities decide Musk’s tweets constitute market manipulation, it could have ripple effects across the entire crypto space.
As of press time, DOGE was trading at $0.0541 with a 24-hour trading volume exceeding $8 billion. Whether Musk’s latest endorsement will push it back to its ATH remains to be seen.