Elon Musk's public fascination with Dogecoin (DOGE) dates back to April 2019, marked by various tweets expressing his interest in the cryptocurrency. The crypto community often speculates about the impact of Musk's tweets on DOGE prices, with claims that the coin tends to pump whenever he tweets about it.
An analysis spanning from December 2020 to June 1st 2025, examines 42 days when Musk tweeted about DOGE, to assess the validity of these claims - excluding all the times Elon tweeted about his government job.
The following chart depicts the percentage price move of DOGE in the 10 days following Elon Musk's tweets. Notably, the period from the end of December 2020 to the middle of 2021 witnessed substantial price volatility, followed by smaller and more fluctuating moves.
Percentage Moves (Day of Tweet to 10 Days Later):
| Metric | Percentage |
|---|---|
| Minimum | -25% |
| Median | 1.5% |
| Average | 12.4% |
| Maximum | 166% |
The percentage price change of DOGE in the 10 days following Musk's tweets shows a minimum of -25%, an average of 12.4%, a median of 1.5%, and a maximum of 166%.
Significant price volatility occurred from late 2020 to mid-2021, with more inconsistent and smaller movements in the years after.
The average price move of 12.4% is skewed by large gains during the 2021 bull run, while the median of 1.5% suggests Musk's tweets are not a consistent indicator for DOGE price trends over 10 days.
Elon hadn't tweeted since February 2023. After that, he only tweeted on the 28th of October 2024, which was followed by a massive price spike.
Crypto prices data source: coingecko.com
Tweet source: twitter.com