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.
The ‘Dogefather’ Is Back?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.”
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 HighsDespite 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.
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.
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.
As of this writing, Dogeocin trades at $0.092, a 2.5% decline in the daily timeframe.
