Elon Musk’s newest put up on X has as soon as once more stirred up the Dogecoin (DOGE) group. In as we speak’s X put up, the billionaire entrepreneur shared an AI-generated picture depicting himself as a whimsical “Division of Authorities Effectivity” govt, cleverly abbreviated DOGE. The picture featured Musk’s message, “I’ll serve,” which not solely showcased his humorous public persona but additionally reignited curiosity in Dogecoin, inflicting its worth to rise 5% to $0.105.
Musk rediscovers his love for Dogecoin memes
The article marks Musk’s return to public feedback on Dogecoin after a interval of relative silence, bringing new mild to buyers and fans who view Musk as a significant supporter of the memetic cryptocurrency. vitality. The put up was in response to in style DOGE group member Sir Coin Governor, who joked that Musk must be appointed to the Division of Authorities Effectivity (DOGE for brief). Musk responded that it was a “good title.”
i’m prepared to serve pic.twitter.com/BJhGbcA2e0
— Elon Musk (@elonmusk) August 20, 2024
Whereas the broader cryptocurrency market was trending upward generally, Musk’s particular point out of Dogecoin instantly sparked pleasure, inflicting its worth to rise. The transfer was modest given the historical past of Musk’s tweets beforehand eliciting enormous market reactions.
The influence of Musk’s tweets on Dogecoin has been a noteworthy phenomenon within the crypto area. For instance, in October 2022, when Musk accomplished the acquisition of Twitter, the worth of Dogecoin soared by greater than 70%. One other essential instance was in April 2023, when he modified the X brand to theme Kabosu, the face of the Dogecoin brand, which triggered the worth of Dogecoin to extend by greater than 30%. Nevertheless, as we speak’s market response, whereas optimistic, was comparatively muted.
Will Musk serve underneath Trump?
Musk’s put up comes after a controversial interview with US presidential candidate Donald Trump, during which authorities effectivity was a subject. After buying Twitter, Musk laid off greater than 6,000 individuals, or about 80%, after taking on the corporate.
Moreover, the article was prompted by a current Reuters interview during which Trump provided the billionaire a authorities job if re-elected. “He is a really good man,” Trump advised Reuters in an interview. “After all I might do it, if he wished to do it, after all I might do it. He is a really good man.
Each Trump and Musk have important affect within the Bitcoin and cryptocurrency communities. Though Trump promised to create a “Nationwide Strategic Bitcoin Reserve” that would come with all Bitcoin seized by the U.S. authorities, and promised to fireside SEC Chairman Gary Gensler on day one and pardon Silk Highway ( Silk Highway founder and Bitcoin pioneer Ross Ulbricht, however Musk is understood for his love of Dogecoin.
It’s price noting that in his final marketing campaign look, Trump reiterated his assist for cryptocurrency: “To maneuver our nation into the long run, together with synthetic intelligence and the rising energy wants of cryptocurrencies – this subject has develop into increasingly essential.” It’s more and more essential – now we have to be on the forefront. If we don’t, China and different international locations will take the lead in synthetic intelligence and cryptocurrency.
At press time, DOGE was buying and selling at $0.10506.
Featured picture from Axios, chart from TradingView.com
