Elon Musk supporters have faith in his ability to establish Dogecoin as Earth’s currency
In a time when many analysts are proclaiming the demise of memecoins, Dogecoin, the most famous memecoin of all, continues to not only survive but is on track to become more mainstream than ever in 2025. Memecoins, which are cryptocurrencies inspired by Internet memes, typically face skepticism and volatility in their value. They can soar in price before plummeting suddenly, often due to mentions by celebrities that create short-term hype.
An example of this volatile nature is Donald Trump’s memecoin, which surged to over $70 within two days of its launch but quickly dropped to $17, as reported by Reuters. Similarly, Argentine President Javier Milei endorsed a memecoin called Libra after witnessing the success of Trump’s token. Unfortunately, the price surged briefly before crashing, causing significant losses for most traders and sparking an investigation into potential market manipulation.
In general, memecoins are viewed as risky cryptocurrency assets susceptible to fraudulent activities and market manipulation like pump-and-dump schemes and insider trading. Dogecoin, like other memecoins, has experienced wide fluctuations in its value, particularly surrounding promotional posts by Elon Musk on his social media platform, X.
Initially created as a joke cryptocurrency, Dogecoin gained credibility after Musk’s tweets led to a significant price increase of 36,000% in 2021. Since then, Musk’s continued support has kept Dogecoin in the spotlight, with prices surging after Donald Trump announced the establishment of Musk’s Department of Government Efficiency, known as DOGE.
Musk’s influence on Dogecoin prices has led to accusations of running a “crypto pyramid scheme” and causing substantial financial losses in a class-action lawsuit filed by disgruntled Dogecoin investors. While Musk defended himself by characterizing his statements as “aspirational,” a judge dismissed the case, recognizing Musk’s promotional language as exaggerated puffery.
Despite the controversy, Musk’s followers remain faithful to his vision of Dogecoin becoming the dominant global currency. This belief was reinforced by recent announcements from the Dogecoin Foundation regarding partnerships with prominent brands to enhance Dogecoin’s adoption and practical use. These deals are expected to drive significant growth and utility for Dogecoin in 2025.
The key to Dogecoin’s success lies in stabilizing its value, a goal that aligns with Musk believers’ desires. However, there is tension within this group, as Musk’s endorsements contribute to price volatility that could hinder Dogecoin’s long-term stability and growth. Dogecoin Foundation Director Timothy Stebbing expressed optimism about Dogecoin’s future, predicting substantial growth in value through partnerships and real-world use cases.
As Dogecoin transitions from a speculative asset to a practical medium of exchange, its perceived value is expected to become more stable. The path to achieving this goal involves collaboration on projects that promote Dogecoin as a method of payment for goods and services. Ultimately, Dogecoin enthusiasts anticipate a future where the meme-inspired cryptocurrency fulfills its potential as the currency of choice on Earth.
