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Following SpaceX's $2 Trillion IPO, Will Dogecoin Be the Next Elon Musk-Linked Investment to Go Parabolic?

Source The Motley Fool

Key Points

Elon Musk's SpaceX recently went public at nearly $2 trillion.
Musk has long been a fan of Dogecoin, a popular meme-inspired cryptocurrency.
Dogecoin's price tends to move based on narratives from social media or celebrity endorsements.
10 stocks we like better than Dogecoin ›

Elon Musk has long been associated with Dogecoin (CRYPTO: DOGE), the cryptocurrency born from satire around digital currency and internet memes featuring a Shiba Inu dog. Musk's affinity for Dogecoin helped bring mainstream attention to cryptocurrency, blending his personal brand with the unique capabilities of blockchain technology.

Let's explore the nature of Musk's Dogecoin support and assess if the meme coin could take off and follow the trajectory of his newly public space empire, Space Exploration Technologies, or as it's commonly known, SpaceX.

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Image source: Getty Images.

Looking at Musk's public history with Dogecoin

Musk's interest in Dogecoin manifests primarily through social media posts and occasional high-profile mentions that celebrate the cryptocurrency's community spirit and meme heritage.

By engaging with Dogecoin in a carefree, lighthearted manner, Musk has helped foster a sense of excitement and belonging among investors who view the token as a fun way to invest beyond traditional stocks. This approach distinguishes Dogecoin from more utility-focused cryptocurrencies such as Bitcoin and Ethereum.

What makes Dogecoin's price move?

Dogecoin's price primarily fluctuates due to online narratives and social media hype. The token often surges in response to positive endorsements from celebrities and declines as enthusiasm wanes. In other words, Dogecoin's price depends more on perception rather than underlying fundamentals.

Dogecoin Price Chart

Dogecoin Price data by YCharts

Does Elon Musk own any Dogecoin?

On a personal level, Musk has indicated that he owns some Dogecoin. It's important to understand that Dogecoin's position in Musk's portfolio is likely minor and more of a symbolic holding compared to his broader wealth, which is largely tied up in Tesla and SpaceX.

In my view, Dogecoin's potential to soar alongside SpaceX stock is not entirely impossible. However, its narrative-driven nature and connections to Musk should not be mistaken for implying that SpaceX's success as a public company could boost Dogecoin's true value. Any correlation in price movement between these investments will be driven by indirect hype around the broader Musk ecosystem.

Smart investors understand that Dogecoin's price increases are always fleeting, making any potential tailwinds from SpaceX's historic IPO stem from speculative momentum trading rather than prudent, long-term investing.

Should you buy stock in Dogecoin right now?

Before you buy stock in Dogecoin, consider this:

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Adam Spatacco has positions in Tesla. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and Tesla. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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Bitcoin briefly loses 2025 gains as crypto plunges over the weekend.Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.

Author Mitrade

Nov 17, 2025

Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.

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