Tesla CEO Elon Musk, a known proponent of Dogecoin (DOGE), gave a shout-out to the meme cryptocurrency on Christmas Day. Musk shared a photo of his dogs in Christmas costumes, captioning it with a play on the lyrics of the song "Who Let the Dogs Out," substituting "dogs" with "DOGE." Observers noted that one of the dogs, Floki, had a cape decorated with Dogecoin logos. Many DOGE supporters hope that Musk's show of support will have a positive impact on the coin's price, recalling a previous surge after Musk mentioned DOGE. However, there is currently no indication of an imminent rally, as DOGE is trading 5% lower. Despite his support, Musk has faced a class action lawsuit alleging market manipulation, which was dismissed in August 2024.



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