Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Tech entrepreneur and meme lord Elon Musk has triggered excitement that cuts across ardent movie fans and the broader cryptocurrency space. In a recent post on X that has garnered over 14 million views, Musk shared a meme of himself tagged as “The Dogefather.” The black-and-white meme is a direct replica of the classic movie adaptation of Mario Puzo’s iconic novel, "The Godfather."

New Elon Musk DOGE trigger

However, this is not just a meme, as many have suggested different interpretations of it, from political to crypto. Supporters of the incoming U.S. administration relate it to the role that Musk is bound to play. On the other hand, crypto enthusiasts consider the post’s relevance to the meme coin Dogecoin (DOGE).

Some supporters consider the meme a direct reference to the Department of Government Efficiency (D.O.G.E). Notably, Musk stated that he would implement far-reaching reforms in government and dramatically reduce waste within federal agencies.

Hence, some consider the meme to reference his readiness to begin streamlining government activities upon taking on his new role next year.

Meanwhile, crypto investors, particularly those in the Dogecoin ecosystem, consider this one of Elon Musk’s promotional posts. Some have even speculated on the possibility of gaining more prominence as the official currency of X under the "Dogefather's" watch.

Musk’s history of driving Dogecoin sentiment

Interestingly, following Musk's post, Dogecoin has witnessed a 4.98% jump to $0.3838 as of this writing, according to CoinMarketCap data. 

DOGE has soared by 35.56% in market volume to $9.45 billion, indicating renewed interest in the dog-themed meme coin. Musk's post has supported Dogecoin's rebound moves, following the price dip to as low as $0.3595 in earlier trading over the past 24 hours.

Musk frequently posts memes for fun and is strongly attached to Dogecoin. His posts on DOGE generally trigger bullish sentiment among members of the meme coin’s community. Some in the community anticipate that Dogecoin could rally and exceed the $1 level predicted by analysts.