The On-Again, Off-Again Relationship Between Elon Musk And Dogecoin

Sometimes I like romantic comedies… but my wife hates them. She prefers gritty thrillers with lots of blood and no emotions.

I like those too, but sometimes it’s cool to watch a movie where you just want to root for a “happily ever after” for a couple after they go through some awkward situations.

Incidentally, this is also the way I feel about Elon Musk and Dogecoin.

Spoiler Alert: Elon Musk is one of my favorite humans, so I don’t want to disparage him at all. Remember, if you can’t afford a Tesla (I can’t either), Elon has probably changed your life by that other little project that he started: PayPal.

But I digress.

Elon and Dogecoin have the perfect set up for a romantic comedy. Let’s explore it a little and see where we land as of today.

How it started: Love at First Byte

The look across the room. Love might be in the air. It’s 2019, and Elon Musk tweets, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.”

Is this the infatuation stage? Not sure. But we do know that Musk began publicly talking Doge for quite a while after.

This Might be the One

From that initial mention onward, Musk was never shy about his support for Doge. He talked about it openly many times in different contexts, and especially on Twitter, about why he preferred Dogecoin.

Receiving ongoing endorsements from the wealthiest man on the planet is nothing to sneeze at. Crypto enthusiasts were excited to see this budding endorsement blossom into Doge’s most effective form of marketing.

But alas, nothing lasts forever.

You Called Me What?

Musk was labeled as a Doge enthusiast for awhile. That is, until May 8th, 2021, during his appearance hosting Saturday Night Live.

It was here where Dogecoin got its heart broken, because during the Weekend Update segment, Musk joked that Dogecoin was a hustle.

Not only did the crypto world hang its collective head at the joke, but Dogecoin dropped as well–by 36%.

This represented the “dark night of the soul” between Elon Musk and Dogecoin.

But like any good story, there is a twist!

Friends with Benefits

In December of 2021, Elon said that Dogecoin could be used to purchase certain Tesla merch. Crypto fans around the world rejoiced.

But not nearly as much as Doge, which spiked more than 20% after the mention. Maybe monogamy wasn’t in the cards.

But hey, as long as they’re both having fun, right?

How it’s Going: “I Can’t Quit You.”

On March 14, 2022 Dogegoin enjoyed a 7% jump because of Musk mentioning the coin. He tweeted, “As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high. I still own won’t sell my Bitcoin, Ethereum or Doge fwiw.”

Wow. Sounds like commitment to me. And it also sounds like Musk doesn’t seem to want to jettison his faithful–if not tarnished–public love of Doge.

Happily Ever After (For Now)

Got your popcorn bowl empty? Did you need tissues during the middle?

It looks like Dogecoin hasn’t returned its mixtape to Elon. And it looks like Musk hasn’t shot Dogecoin’s sweater into orbit.

The bottom line: Elon Musk is holding on.

What about you? Can you handle more of the emotional roller coaster? Or will you chase some Doge and begin your own crypto love story?

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