Elon Musk’s newest put up on X has as soon as once more stirred the Dogecoin (DOGE) neighborhood. In a put up on X as we speak, the billionaire entrepreneur shared an AI-generated picture depicting himself as an government in a whimsically named “Division of Authorities Effectivity,” cleverly abbreviated as D.O.G.E. Accompanying the picture was Musk’s message, “I’m prepared to serve,” which not solely performed to his humorous public persona but in addition reignited curiosity in Dogecoin, resulting in a 5% improve in its value to $0.105.
Musk Rediscovers His Love For Dogecoin Memes
This put up marks Musk’s return to creating public feedback about Dogecoin after a interval of relative silence, bringing renewed vitality amongst buyers and fanatics who see Musk as a key proponent of the meme cryptocurrency. The put up was a solution to the favored DOGE neighborhood member “Sir Doge of the Coin” who joked that Musk must be appointed to the “Division of Authorities Effectivity,” or D.O.G.E for brief. Musk responded by calling it a “good identify.”
I’m prepared to serve pic.twitter.com/BJhGbcA2e0
— Elon Musk (@elonmusk) August 20, 2024
Regardless of the overall upward pattern within the broader cryptocurrency market, Musk’s particular point out of Dogecoin infused speedy pleasure, contributing to its value improve. This motion is modest, contemplating the historic context the place Musk’s tweets have beforehand led to substantial market reactions.
The affect of Musk’s tweets on Dogecoin has been a notable phenomenon within the crypto house. For example, in October 2022, when Musk finalized his acquisition of Twitter, Dogecoin’s value surged by over 70%. One other vital occasion was in April 2023, when he modified the X brand to function Kabosu, the Shiba Inu canine that’s the face of the Dogecoin brand, which despatched Dogecoin’s value up by greater than 30%. Nevertheless, as we speak’s market response, though constructive, was comparatively modest.
Will Musk Serve Underneath Trump?
Musk’s put up comes on the heels of the controversial interview with US presidential candidate Donald Trump the place authorities effectivity was one subject. Following the Twitter acquisition, Musk laid off greater than 6,000 individuals, roughly 80%, after taking up the corporate.
Furthermore, the put up was sparked by a latest Reuters interview the place Trump supplied the billionaire a authorities place if reelected. “He’s a really good man,” Trump mentioned in an interview with Reuters. “I definitely would, if he would do it, I definitely would. He’s an excellent man.”
Each Trump and Musk wield vital affect within the Bitcoin and crypto neighborhood. Whereas Trump has pledged to create a ‘strategic nationwide Bitcoin stockpile’ with all cash confiscated by the US authorities, promised to fireplace SEC Chair Gary Gensler on day one, and to pardon Silk Street founder and BTC pioneer Ross Ulbricht, Musk is understood for his fondness for Dogecoin.
Notably, throughout his final marketing campaign look, Trump reaffirmed his pro-crypto stance: “To energy our nation into the longer term, together with the rising electrical energy calls for of AI and cryptocurrencies—a subject that’s changing into more and more necessary—we should keep on the forefront. If we don’t, China and different international locations will take the lead in each AI and crypto.”
At press time, DOGE traded at $0.10506.
Featured picture from Axios, chart from TradingView.com
