Dogecoin Spikes 8% as Elon Musk Says “Call Me Dogefather”

Dogecoin (DOGE) stages an impressive rally after Tesla CEO Elon Musk recounts his appearance on a comedy skit where he asked to be called The Dogefather.

The American businessman discussed this experience during a recent episode of the All In podcast. For context, Musk featured in a short comedy show on Saturday Night Live (SNL) in 2021, explaining key features of Dogecoin.

The Dogefather

In his recent appearance on the All In Podcast, the billionaire investor recreated a scene from the famous Award-Winning movie The Godfather with a Dogecoin twist.

During the redo, Musk portrayed himself as the “Dogefather” while envisioning himself in a tuxedo and speaking like the famous Don Vito Corleone.

Jason Calacanis, one of The All In Podcasts hosts, sets up a scenario in which someone asks Musk for Dogecoin instead of Bitcoin at his daughters wedding.

Musk chips in, imagining the person asking for private keys. He questions whether the person is a true friend, emphasizing that he should be called The Dogefather.

Dogecoin Spikes Over 8%

Prior to Musk‘s appearance on the All In Podcast, DOGE’s price had already skyrocketed 8.21% after the billionaire investor joked that the “Department of Government Efficiency” would use Dogecoin as its official mascot. This agency is the “task force” Musk is expected to head if Donald Trump wins reelection by November.

— Elon Musk (@elonmusk) September 7, 2024

Meanwhile, like other major cryptos, Dogecoin has not had it easy with the recent market downturn. Last week, Dogecoins price crashed from $0.09907 to a seven-day low of $0.08962. However, the DOGE price staged an impressive rally yesterday to recover its losses, skyrocketing to a daily high of $0.1046.

At press time, DOGE is trading at $0.1034, up 8.02% over the past 24 hours. Dogecoin‘s recent uptick indicates that Musk’s comments still have significant influence over the token.

Recall that Musk was instrumental in the token‘s remarkable rally to an all-time high of $0.7376. Musk’s appearance in the SNL skit and other support from the businessman contributed to driving the token to an all-time high on May 8, 2021. However, DOGE has slumped 85.97% from this peak.