On Reddit and X, Zelinsky analyzed messages from Musk followers who truly believed that Dogecoin price hikes are Musk's "gift" propelling Dogecoin to become not just the "currency of Earth" but the currency of Mars. That's the real fantasy that makes Musk such a charismatic figure, Zelinsky suggested.

Elon Musk and Joe Rogan took aim at the memecoin craze during The Joe Rogan Experience on Friday, comparing it to gambling and musical chairs. Despite Musk’s own history of embracing Dogecoin — going as far as naming a government division Department of Government Efficiency (DOGE) with a Dogecoin logo — he warned against treating memecoins as serious investments.

Elon Musk said DOGE is set to grow to about 200 federal employees, up from about 100 currently as it fans across the federal department.