Elon Musk’s latest post on X has once again stirred the Dogecoin (DOGE) community. In a post on X today, the billionaire entrepreneur shared an AI-generated image depicting him as an executive in a department with a whimsical name: “Department of Government Efficiency,” cleverly abbreviated to DOGE. Accompanying the image was Musk’s message: “I stand ready to serve,” which not only played into his humorous public persona but also reignited interest in Dogecoin, leading to a 5% surge in its price to $0.105.
Musk rediscovers his love for Dogecoin memes
This post marks Musk’s return to making public comments about Dogecoin after a period of relative silence, sparking renewed energy among investors and enthusiasts who see Musk as a key proponent of the meme cryptocurrency. The post was a response to popular DOGE community member “Sir Doge of the Coin,” who joked that Musk should be appointed to the “Department of Government Efficiency,” or DOGE for short. Musk responded by calling it a “perfect name.”
I am willing to serve image.twitter.com/BJhGbcA2e0
— Elon Musk (@elonmusk) August 20, 2024
Despite the overall upward trend in the cryptocurrency market at large, Musk’s specific mention of Dogecoin generated immediate enthusiasm, contributing to its price surge. This move is modest, considering the historical context in which Musk’s tweets previously sparked substantial market reactions.
The impact of Musk's tweets on Dogecoin has been a notable phenomenon in the crypto space. For example, in October 2022, when Musk ended his Twitter acquisition, Dogecoin's price increased by over 70%. Another significant case was in April 2023, when the X logo was changed to include Kabosu, the Shiba Inu dog that is the face of the Dogecoin logo, causing the Dogecoin price to rise by over 30%. However, the current market response, while positive, was comparatively modest.
Will Musk continue to lead the Trump administration?
Musk's post comes on the heels of his controversial interview with US presidential candidate Donald Trump, in which one of the topics discussed was government efficiency. Following the acquisition of Twitter, Musk laid off more than 6,000 people, or about 80%, after taking over the company.
The post also came in the wake of a recent interview with Reuters in which Trump offered the billionaire a government job if he was re-elected. “He’s a very smart guy,” Trump said in an interview with Reuters. “I would certainly do it, if he did it, I would certainly do it. He’s a brilliant guy.”
Both Trump and Musk wield significant influence in the Bitcoin and cryptocurrency community. While Trump has pledged to create a “strategic national Bitcoin reserve” with all coins seized by the U.S. government, fiance fire SEC Chairman Gary Gensler on day one and Apologies to the founder of Silk Road and BTC pioneer Ross Ulbricht, Musk is known for his fondness for Dogecoin.
It is worth noting that during his last campaign appearance, Trump reaffirmed His stance on cryptocurrencies: “To propel our country into the future, including the growing electricity demands of AI and cryptocurrencies (a topic that is becoming increasingly important), we must stay ahead of the curve. If we don’t, China and other countries will take the lead in both AI and cryptocurrencies.”
At the time of writing, DOGE was trading at $0.10506.
Featured image from Axios, chart from TradingView.com
