Elon Musk and crypto: 6 times ‘Dogecoin’s CEO’ rocked markets

Elon Musk has left an indelible mark on the crypto world, making waves with tweets and market-shifting announcements.

Whether he’s endorsing Bitcoin (BTC) or putting on the pom-poms for Dogecoin (DOGE), Musk’s influence has repeatedly stirred up new all-time highs and unexpected lows for the industry.

Here are the moments when Musk propelled crypto into the spotlight — and sometimes brought it crashing down.

1. #Bitcoin is as BS as fiat

Bitcoiners had been hashtagging away for years, but #bitcoin hit the big leagues in mid-2020 when then Twitter (now X) CEO Jack Dorsey made it official by adding it to his bio. Dorsey, a known Bitcoin cheerleader, probably felt like he was giving crypto the red-carpet treatment. But the biggest star was yet to arrive.

In December 2020, Elon Musk stirred the pot by tweeting that Bitcoin was “almost as bs as fiat money.” Crypto fans raced on to challenge him to debates or just downright unload their anger onto the billionaire on Twitter, a platform where he would reign as an overlord in the future.

About a month later, in January 2021, as the dust was still settling, Musk updated his Twitter bio to “#bitcoin.”

If people thought his “bs as fiat” comment was a snub, his bio change was a full-on head-scratcher. It was like watching someone critique pineapple pizza, and then order a large Hawaiian with extra toppings. 

But instead of soggy fruit, he served up a fresh slice of hype. 

So, while Dorsey might have first brought #bitcoin to Twitter’s mainstream, Musk gave it the turbo boost, leaving everyone wondering if he’d finally decided to join the crypto crusade or just wanted to see how high the market could jump.

2. The $1.5 billion Bitcoin bombshell

Less than two weeks after Musk jumped on the #bitcoin bandwagon, Tesla dropped a bombshell: a $1.5 billion Bitcoin investment.

The crypto world went wild, and Bitcoin’s price soared to $44,000 on its way to $58,000 — a new all-time high. 

Musk had officially sent Bitcoin to the stratosphere, and crypto fans were ready to crown him as their new champion.

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The market erupted, with enthusiasts convinced Tesla’s move marked the beginning of a golden age for digital currencies.

Musk’s unpredictable nature kept everyone on edge, and before long, the market was left wondering when the next twist would come.

Spoiler alert: It did, and it wasn’t all moonshots.

Musk’s Bitcoin love affair lasted shorter than his relationship with Amber Heard.

3. Dogecoin is not a joke anymore. Or is it? Either way, to the moon!

Bitcoin may have been Musk’s shiny new toy in early 2021, but Dogecoin is his long-time sweetheart. 

When he declared it “the people’s crypto” in a February 2021 tweet, DOGE shot up over 50% within hours. A coin that started as a joke was now a top contender, and Dogecoin fans had found a new hero in Musk.

Each tweet was like a ticket to the moon. Traders hung on his every word, and Musk didn’t disappoint, sending Dogecoin’s popularity soaring as it became the darling of retail investors looking to cash in on the chaos.

But it wasn’t all smooth sailing. Not everyone was thrilled with Musk’s impact on Dogecoin’s price. 

In 2022, he and his companies faced a $258 billion lawsuit accusing him of using his platform to “manipulate the Dogecoin Pyramid Scheme” for personal gain.

In August 2024, he beat the lawsuit.

4. He loves Bitcoin, he loves Bitcoin not

Musk’s influence over crypto is like a kid with a remote-controlled roller coaster — thrilling, unpredictable and occasionally stomach-turning.

On May 12, 2021, Musk sent Bitcoin’s price diving with a tweet announcing that Tesla would no longer accept Bitcoin for car purchases, citing environmental concerns. 

As if that wasn’t enough, Musk kept everyone sweating by hinting that Tesla might dump its entire Bitcoin stash unless Bitcoin mining went green. Cue another 5% drop. 

At the time, Musk eased concerns by stating that Tesla hadn’t sold any of its Bitcoin. But eventually, it did.

Tesla originally picked up around 44,000 BTC when it hopped on the Bitcoin rocket. 

Fast forward to today, and Bitcoin holdings in Tesla’s known wallets have emptied out, according to Arkham Intelligence. 

But if you thought Tesla was Musk’s only crypto fling, guess again. 

SpaceX has its own crypto stash, holding around 8,285 BTC, according to Arkham.

Environmental concerns or not, it seems Musk’s heart still has a soft spot for Bitcoin — though maybe a smaller one now.

5. Musk disappoints DOGE holders on Saturday Night Live

The space man’s much-hyped appearance on Saturday Night Live in May 2021 had Dogecoin fans counting down like it was New Year’s Eve.

In the days leading up to the episode’s airing, DOGE blasted off to an all-time high as everyone expected Musk to launch it straight to the moon. Speculators, investors and meme lovers alike held their breath, waiting for the big moment.

But instead of fireworks, they got a fizzle.

Musk called Dogecoin “a hustle,” and that was all it took to turn the rocket around. 

DOGE plunged over 30% during the show, taking a nosedive that left fans more deflated than a popped party balloon.

It was a wake-up call for Dogecoin believers that Musk’s power to pump could just as easily send things crashing back to Earth faster than you could say “to the moon!”

Bitcoin is almost as bs as fiat money

— Elon Musk (@elonmusk) December 20, 2020

6. When it started to get old

When Musk announced in December 2021 that Tesla would take Dogecoin for merch but not for cars, it felt like a missed opportunity. 

Tesla had already stopped accepting Bitcoin, and fans hoped Dogecoin’s cute little paws might fill those big Bitcoin shoes.

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DOGE displayed a strong spike following the announcement but started tumbling as fans realized they’d be buying hats, not Model 3s.

Dogecoin may have been a Musk favorite, but the market wanted more than just mugs and T-shirts.

Most of Musk’s Dogecoin tweets sent the memecoin soaring, but this one displayed an immediate crash, hinting that the Musk effect on DOGE might be wearing thin.

By then, it was clear that Musk had no interest in being the face of crypto — just a casual fan with a flair for shaking things up.