While some market observers suggest that Dogecoin (DOGE) could be primed for a massive price expansion, Elon Musk revived his popular meme after a long time, reigniting enthusiasm among crypto community members.
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The ‘Dogefather’ Is Back?
As investors wondered whether Elon Musk had abandoned Dogecoin, the Tesla CEO and X owner put the memecoin front and center of the crypto conversation after reviving his popular “Dogefather” meme.
In a Thursday X post, the tech entrepreneur shared an AI-generated video recreating a famous scene from “The Godfather.” The video, created with Grok Imagine, displays Musk in a black tuxedo as Vito Corleone, the iconic character played by Marlon Brando in the Francis Ford Coppola film.
While holding a Shiba Inu dog, the breed that inspired the original Dogecoin meme, the AI version of Musk recited a modified version of the legendary scene: “You come to me on the day of my doge’s wedding, and you ask me for my private key. Are you even a friend? You don’t even think to call me the Dogefather.”
The post reignited enthusiasm among crypto community members, several interpreting it as a new sign of support for DOGE. The CEO has long advocated for the oldest memecoin on his social media, often calling himself the “Dogefather.”
His doge-inspired posts have historically caused significant fluctuations in the cryptocurrency’s price, although their frequency has decreased over time. Notably, he triggered a massive rally in 2021 when he promoted his Saturday Night Live (SNL) appearance using the “Dogefather” meme.
Ahead of the show, the memecoin surged to its all-time high (ATH) of $0.73, but quickly crashed by around 40% amid the broadcast after he called it a “hustle” during a sketch.
Dogecoin Macro Structure Signals New Highs
Despite the online excitement, DOGE’s price didn’t react to Musk’s acknowledgement this time, with the price remaining mostly flat in the following hours before plunging alongside the rest of the crypto market.
An X user noted that “Posts like this used to give us money a few years ago.” However, the memecoin fell from the recently reclaimed $0.10 level, falling to a $0.0918 one-week low on Thursday afternoon.
A market observer noted that, regardless of short-term price action, DOGE’s macro structure remains intact, which could signal it’s ready for the next major pump.
Trader Tardigrade highlighted memecoin’s performance during each of its ATH rallies in previous cycles and emphasized that every rally it “tells the same story—because Doge makes its own rules.”
As the chart above shows, following its previous peak, Dogecoin has moved within a multi-year range, reaching its market bottom before bouncing. During the last stage of its recovery, the memecoin has formed a falling wedge pattern, which has led to a significant price expansion to new highs after breaking out of this crucial formation.
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Now, DOGE has “just completed the final falling wedge inside the yellow circle, and it looks primed for the next pump into the next circle,” the analyst pointed out.
He also stated that the cryptocurrency’s setup shows that the price is in a “prime accumulation window,” concluding that “Doge at $2 is inevitable.”
As of this writing, Dogeocin trades at $0.092, a 2.5% decline in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
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