Pseudonymous crypto analyst Kaleo brought up a move by Tesla CEO and X owner Elon Musk last year that sent Dogecoin (CRYPTO: DOGE) shooting sky high around April Fool's Day.

What Happened: The post on X, formerly known as Twitter, noted that Musk changed the Twitter logo to Dogecoin a few days after April Fool's Day. 

Musk's potential influence on the cryptocurrency market stirred the analyst to note the remarkable movement in DOGE last year. Pointing to a potential for a repeat this year, the analyst said, "In before he runs it back."

Despite Musk's recent notable actions at Twitter, he has remained tight-lipped about Dogecoin so far.

The comments section of Kaleo's post is teeming with speculation, as some foresee a recurrence while others maintain a skeptical stance.

Dogecoin, a cryptocurrency initially conceived as a lighthearted joke by software engineers Billy Markus and Jackson Palmer, has since gained traction as the pioneer of "meme coins" and specifically "dog coins" within the crypto sphere.