Dogecoin Hype Explodes After Elon Musk Says “It’s Time” – Is On-Chain Data Supportive?

Jakarta, Pintu News – Elon Musk is at it again. His latest post on the X platform has again drawn public attention to Dogecoin (DOGE). The memecoin saw a spike in conversations on social media following his comments.

But so far, the market response has been much cooler.

Musk’s post sparks DOGE enthusiasm

Elon Musk’s short post on platform X that read “It’s time” immediately caught the attention of the Dogecoin community.

Read also: Dogecoin Price Corrected Today: DOGE Approaching Symmetrical Triangle Pattern Breakout

The post was a reply to a fan account that recalled Musk’s promise in 2021 to “literally send Dogecoin to the moon” – a statement that triggered a huge price spike and brought DOGE into the mainstream of public conversation.

This time, however, the market response was more cautious. Traders are still waiting to see if Musk’s latest comments will actually have a significant impact.

Much Talk, Little Action

Since Musk’s post to date, social metrics have seen a considerable spike.

DOGE’s volume and social dominance surged to their highest levels in recent days, signaling renewed attention. However, data from Santiment shows that on-chain activity has not shown a similar increase.

The number of Daily Active Addresses remains at around 37,700, Transaction Volume has dropped to $125 million, and Whale Transactions (over $1 million) have only been recorded five times at the time of writing.

Despite the spirit of optimism, real data on the network still looks sluggish.

Bulls still waiting on the sidelines

Open Interest for Dogecoin has continued to decline and is now hovering around $690 million, signaling weakening trader participation.

Read also: 29% of Bitcoin Supply at a Loss: Warning Sign or the Beginning of the Next Bull Run?

Meanwhile, the Funding Rate remained slightly positive at 0.16%, suggesting longs still dominate over shorts – but without much conviction.

On the price chart, DOGE is trading at around $0.16 as this article is written, still struggling to find a foothold after the previous sharp drop. The RSI indicator stands at 30, signaling oversold conditions, while trading volumes remain low.

It seems that traders have now learned not to rush into Musk’s hype – even when it comes to coins created because of him. How Dogecoin will respond this time around is still a question mark.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• AMB Crypto. Dogecoin hype spikes after Musk’s ‘It’s time,’ but do on-chain data agree?. Accessed on November 7, 2025