Dogecoin had a potentially eventful week as its price remained stagnant throughout the press time. The most popular meme coin, also known for its love-hate relationship with Elon Musk, the boss of both Tesla and formerly Twitter, had an interesting connection emerge when the Wall Street Journal reported in August that Musk secretly funded the development of the Dogecoin project. Musk even tweeted as a dog and made Doge-friendly changes to his Twitter profile. However, recent events have turned sour as Musk faces a lawsuit accusing him of market manipulation. Despite Musk’s enthusiastic support, the correlation between Dogecoin and Musk seems to have decoupled. This article explores the relationship between Dogecoin and Elon Musk, discussing their correlation and Musk’s role in shaping Dogecoin’s development. It also analyzes the recent price action of Dogecoin and provides insights into investing in the cryptocurrency. While Musk’s affection for Dogecoin may not be as strong as before, investing in Dogecoin for the long run could still be a strategic move. However, it is important to conduct your own analysis and be cautious due to the volatility of the crypto industry.
