The cryptocurrency market showed some signs of a recovery on Monday, Feb. 3, 2026, but the upswing was short-lived as the market has faced another correction today. Bitcoin (BTC) briefly dipped to the $73,000 mark, but has since reclaimed the $76,000 mark. Dogecoin (DOGE), however, is green in the daily charts, rallying 1.7% in the last 24 hours, according to CoinGecko’s DOGE data. The rally could be due to Elon Musk’s latest comments about putting a Dogecoin (DOGE) on the moon. Let’s discuss what DOGE investors could expect next.
Will Dogecoin Continue Its Rally After Elon Musk’s Comments?
Despite the rally, the popular memecoin is still red in the other time frames. CoinGecko data shows that Dogecoin (DOGE) is down 13% in the last week, 13.4% in the 14-day charts, 28.4% in the monthly charts, and more than 62% since February 2025.
Musk has openly stated that Dogecoin (DOGE) is his favorite cryptocurrency. His comments have often led to a rally for the memecoin. Musk wanting to put an actual Dogecoin on the moon has likely caused a sudden spike in interest in the memecoin. However, we do not have an exact date for when Musk may actually send a Dogecoin to the moon.
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Despite the slight turnaround, the Dogecoin rally is unlikely to last, given the larger market bearishness. Bitcoin (BTC) is struggling to gain momentum and other assets are following its trajectory. While Musk’s comments may have given a short boost to DOGE’s price, it may not be enough to weather the storm. Macroeconomic worries, geopolitical tensions, trade wars, and falling investor sentiment have led to substantial liquidations for the crypto market. It may take the sector quite some time to recover. Dogecoin (DOGE) being a memecoin may take longer than other crypto assets.