## A Nostalgic Look Back at Elon Musk’s “Dogefather” Era
In 2021, tech mogul Elon Musk playfully dubbed himself the “Dogefather” in anticipation of a “Saturday Night Live” skit centered around the meme cryptocurrency, Dogecoin. This fun persona sent the price of DOGE soaring, reaching an impressive all-time high of approximately $0.73. Interestingly, despite his initial enthusiasm, the Tesla and SpaceX CEO rarely references this title associated with his favorite cryptocurrency these days.
Fast forward to today, Musk received a quirky DOGE-themed chainsaw from Argentinian President Javier Millei, prompting him to share a humorous photo on X, with “The Dogefather” making a cameo in the background. “This is a real picture,” Musk captioned the post. However, it appears he was alluding to his new role as the head of the Department of Government Agency in the Donald Trump administration. This unique agency, aimed at reducing the federal budget deficit, has an acronym that coincidentally matches Dogecoin’s ticker. The official D.O.G.E website even showcased the iconic DOGE meme imagery for a brief period, which helped give Dogecoin’s price a little boost.
With Trump back in the presidential seat, Musk’s Department of Government Agency has begun to actively question various U.S. government agencies, with the Securities and Exchange Commission (SEC) being the latest focus of scrutiny.
## Dogecoin Whales Accumulate — Is a $1 DOGE Price on the Horizon?
Crypto markets analyst Ali Charts has pointed out that Dogecoin whales are accumulating the asset in substantial amounts, fueled by speculation regarding a potential spot DOGE exchange-traded fund (ETF) listing in the United States. Martinez reported that this group purchased a staggering 110 million DOGE in just the last 48 hours. The influx of savvy investors adding more of the Shiba Inu-inspired meme coin to their portfolios suggests a growing belief that another significant breakout for Dogecoin could be imminent.
Several asset managers, including Grayscale, Bitwise, and Rex Shares, have already expressed their intentions to launch DOGE ETFs. Analysts are optimistic that it won’t be long before Dogecoin ETFs make their debut, with some predicting a possible launch as early as April.
As of now, Dogecoin is still 66.3% below its all-time high of $0.7316, which was achieved in May 2021. However, if regulatory approval is granted, there’s a strong possibility that this beloved cryptocurrency could reach the much-anticipated $1 mark.
