Will the 'DogeFather' Effect Disappear... Musk's Dogecoin 'Boost' Ultimately Stalls

[Asia Economy New York=Correspondent Baek Jong-min] The cryptocurrency Dogecoin, buoyed by support from Elon Musk, CEO of Tesla, is attempting to break out from the bottom but appears to be struggling.

On the 17th (local time), Musk changed the profile picture on his Twitter account to a photo of himself wearing sunglasses. The sunglasses featured the image of the Shiba Inu, the symbol of Dogecoin.

The cryptocurrency media outlet Decrypt interpreted Musk's action as a Dogecoin 'laser eye.' Laser eyes refer to the addition of laser beams to the eyes in profile pictures, symbolizing support for the Bitcoin community.

Last month, Musk uploaded a profile picture with laser eyes supporting Bitcoin, and this recent action is understood as a call to support Dogecoin as well.

Musk also tweeted, "X Æ A-12 (Musk's son) is hodling Doge like a champion. Literally never told him to 'sell' even once."

Following Musk's profile picture change and his tweet denying Dogecoin sales, Dogecoin's price surged 10%, trading around 20 cents. Considering that Dogecoin's price has soared whenever Musk has offered support in the past, further gains were anticipated. However, no additional rise occurred, and Dogecoin returned to its previous level.

As of the afternoon of the 18th, according to CoinMarketCap, Dogecoin is trading at 18.3 cents, down 4.4% compared to 24 hours earlier.

The top cryptocurrency by market capitalization, Bitcoin, is trading at $3,168, down 0.42%, and Ethereum is trading at $1,899, down 0.3%. Compared to Dogecoin, Bitcoin and Ethereum prices are showing more stability.

Meanwhile, Musk is scheduled to participate in a discussion on Bitcoin with Jack Dorsey, Twitter founder, at the Bitcoin conference 'The B Word' on the 21st. The 'Doge Father' Musk is expected to oppose Bitcoin supporter Dorsey and take a critical stance on Bitcoin.