Crypto analysts predict a potential Musk-fueled Dogecoin rally as the Tesla CEO distances himself from government duties, while futures markets signal mixed sentiment across major cryptocurrencies
June 10, 2025
The cryptocurrency market is buzzing with speculation that Elon Musk’s apparent departure from government service could trigger another Dogecoin price surge, as analysts suggest the Tesla CEO may return to his “old crypto playbook” now that he has more time on his hands.
Musk’s Government Exit Opens Door for Crypto Antics
Santiment analyst Maksim Balashhevich believes Musk’s reduced involvement with the White House creates an opportunity for renewed Dogecoin enthusiasm. The theory centers on reports of growing tensions between Musk and former President Trump, potentially freeing the billionaire entrepreneur to focus on activities that have historically moved cryptocurrency markets.
⚡ INSIGHT: Now Elon Musk is out of DOGE, analysts say he might pump Dogecoin again. Plus what do crypto futures and prediction markets tip will happen next?
Trade Secrets via Cointelegraph Magazine pic.twitter.com/sX4nXyZjYH
— Cointelegraph (@Cointelegraph) June 10, 2025
“The fact that Musk and Trump are now fighting opens up the potential for Musk to return to his ‘old crypto playbook,'” Balashhevich explained. “Musk might turn back to Dogecoin to score a public ‘win’ and restore some credibility.”
This analysis comes as Dogecoin trades at $0.1935, having surrendered most of the gains from its spectacular 196% November rally that followed Trump’s presidential election victory. The meme cryptocurrency’s surge was largely attributed to excitement around Musk’s appointment to lead the Department of Government Efficiency (DOGE) – a naming coincidence that wasn’t lost on crypto enthusiasts.
However, as public opinion soured on the DOGE agency and Musk’s government role became more controversial, Dogecoin’s price retreated significantly from its post-election highs.
Social Volume as the Key Indicator
Balashhevich’s “actionable insight” for traders involves monitoring Dogecoin’s social media presence closely. He suggests that if discussions around the coin remain subdued for several more days, it could create ideal conditions for a price pump should Musk decide to tweet about it.
“If discussions around the coin remain low for a few more days, it could create the perfect setup for a pump should Musk decide to post about it,” the analyst noted.
This strategy acknowledges the well-documented relationship between Musk’s social media activity and Dogecoin’s price movements. The Tesla CEO’s tweets have historically triggered sudden price spikes for the meme cryptocurrency, a pattern so pronounced it resulted in legal action against him.
Solana Targets $300 Despite Recent Weakness
While Dogecoin speculation dominates meme coin discussions, Solana presents a different narrative. Despite dropping nearly 13% over the past month and struggling to maintain the $160 support level, 21Shares crypto research strategist Matt Mena remains bullish on the blockchain platform.
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Mena forecasts that Solana could reach $300 before year-end, representing a near-doubling from current levels. His optimism stems from two key catalysts: the highly anticipated Firedancer upgrade expected in 2025, and the global rollout of the Solana Seeker phone beginning in August.
“In the near term, a clean break above the $180 resistance level could open the door for my near-to-medium term $200 target,” Mena explained. “I see Solana entering price discovery and pushing above $300 by year-end.”
The analyst emphasized Solana’s positioning as the “default chain for consumer-facing crypto apps,” citing its low fees and upcoming upgrades that could increase transaction speeds by 10 to 100 times. These improvements are expected to enhance the network’s appeal for retail-driven applications including payments, gaming, decentralized physical infrastructure (DePIN), and on-chain social platforms.
Bitcoin Faces Potential Correction Despite ATH Proximity
While Bitcoin hovers around $109,000 near its all-time high of $111,970 set on May 22, some analysts warn of potential downside risks. Ledn’s chief investment officer John Glover believes the cryptocurrency hasn’t completed its corrective move and could drop below $100,000 in the near future.
Glover’s analysis suggests Bitcoin could fall to the $88,000-$93,000 range before resuming its upward trajectory. He expects this “corrective move” to complete sometime in mid-to-late summer, followed by an “impulsive wave” higher that could drive the price to approximately $136,000 by year-end.
In an extremely bearish scenario, Glover doesn’t rule out a retest of Bitcoin’s previous all-time high near $74,500, though his longer-term outlook remains optimistic.
Ethereum Struggles to Reclaim $3,000
Ethereum faces its own challenges as it trades at $2,691, with Nansen principal research analyst Aurelie Barthere suggesting the cryptocurrency may struggle to reclaim the psychologically important $3,000 level. Her analysis points to Ether potentially topping out around its May high of $2,700, which could mark a local peak.
“It looks like this price cap will persist this summer, unless we get very bullish news on the tariff negotiation front. Next support for ETH is $2,300,” Barthere explained.
However, she noted positive fundamental drivers including recent SEC guidance on staking, which provides a legal framework that could make US-based spot Ether ETFs more appealing to retail investors.
Derivatives Markets Signal Consolidation
Options data from onchain protocol Derive reveals futures traders pricing in just a 10% chance of Bitcoin exceeding $120,000 by September’s end, with an equal probability of falling below $92,000. Founder Nick Forster suggests price consolidation appears most likely in the near term.
“Derivatives market makers are positioned in a way that will require them to sell BTC as the spot price rises, which could limit any potential rallies,” Forster observed.
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For Ethereum, derivatives markets show slightly more bearish sentiment, with an 11% chance of surpassing $3,200 by September’s end and a 21% probability of falling below $2,100.
Retail FOMO Raises Warning Flags
Santiment data reveals concerning patterns in Bitcoin accumulation since the cryptocurrency reclaimed $100,000. Small wallets holding up to 1 BTC have added nearly 33,000 Bitcoin since May 22, behavior the analytics firm views as a classic counter-indicator.
“Historically, when the ‘small fish’ buy with confidence, it often signals that whales are preparing to sell into that liquidity,” Santiment warned. “This retail FOMO is a significant warning sign that a local top could be forming.”
Despite these concerns, prediction markets show strong confidence in Bitcoin’s near-term prospects, with Polymarket data indicating an 82% chance of new all-time highs by July 1. However, other major cryptocurrencies show declining odds, with Solana’s chances of reaching new highs dropping to 27% and XRP’s falling to 38%.
The convergence of Musk’s potential return to crypto advocacy, mixed technical signals, and retail accumulation patterns suggests the cryptocurrency market may be approaching a critical inflection point that could determine direction for the remainder of 2025.
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