Dogecoin (CRYPTO: DOGE) Is Making Gains in Thursday Trading: Musk Helps Crypto Start 2025 on a Bullish Note

As of noon ET, the cryptocurrency's price was up 6.4% over the prior 24 hours. Meanwhile, Bitcoin (CRYPTO: BTC) was up 3.4%, and Ethereum(CRYPTO: ETH) was up 4%.

Dogecoin (CRYPTO: DOGE) gained on Thursday, with the cryptocurrency rising in price by 6.4% over the prior 24 hours.

At the time of writing, Dogecoin was trading at $0.12. In comparison, Bitcoin (CRYPTO: BTC) was up 3.4%, while Ethereum (CRYPTO: ETH) had risen by 4%.

The recent price movements for Dogecoin appear to be largely driven by the antics of Tesla and X CEO Elon Musk.

Musk's X antics help crypto start 2025 on a bullish note

In the final days of 2024, Musk briefly changed his X account username to "Kekius Maximus." The name is a reference to several memes and characters across video games and movies, and the handle change may have been intended as a joke on the media. Musk quoted a tweet from a user who goes by "Adrian Dittman" -- @elonmusk is now "Kekius Maximus" on X. Imagine you're a journalist who's writing about Elon on X and it goes: 'Elon Musk, aka 'Kekius Maximus' on X ... (Some people believe Musk also operates the Adrian Dittman account.)

Musk has since dropped the Kekius Maximus handle, which coincided with further valuation volatility. Still, his name games had an overall bullish impact on the crypto market, and meme coins in particular.

What's next for Dogecoin?

Musk's influence on cryptocurrency valuations is undeniable. Social media posts and offhand comments from the tech leader have often triggered dramatic movements for token prices. Notably, Musk has been one of Dogecoin's most visible supporters -- even if his advocacy for the cryptocurrency sometimes seems to be framed with elements of irony.

Apart from macroeconomic factors, support from Musk could be Dogecoin's biggest pricing catalyst in 2025. With the Tesla founder operating as one of the heads of the Department of Government Efficiency (DOGE) in the incoming Trump administration, it's possible that the token will continue to enjoy meme-powered momentum.