Elon Musk’s Latest Post Sends Dogecoin Community Into Frenzy

3 months ago 24

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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 himself as an executive in a whimsically named “Department of Government Efficiency,” cleverly abbreviated as D.O.G.E. Accompanying the image was Musk’s message, “I am willing to serve,” which not only played to his humorous public persona but also reignited interest in Dogecoin, leading to a 5% increase 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, bringing renewed energy among investors and enthusiasts who see Musk as a key proponent of the meme cryptocurrency. The post was an answer to the popular DOGE community member “Sir Doge of the Coin” who joked that Musk should be appointed to the “Department of Government Efficiency,” or D.O.G.E for short. Musk responded by calling it a “perfect name.”

I am willing to serve pic.twitter.com/BJhGbcA2e0

— Elon Musk (@elonmusk) August 20, 2024

Despite the general upward trend in the broader cryptocurrency market, Musk’s specific mention of Dogecoin infused immediate excitement, contributing to its price increase. This movement is modest, considering the historical context where Musk’s tweets have previously led to substantial market reactions.

The impact of Musk’s tweets on Dogecoin has been a notable phenomenon in the crypto space. For instance, in October 2022, when Musk finalized his acquisition of Twitter, Dogecoin’s price surged by over 70%. Another significant instance was in April 2023, when he changed the X logo to feature Kabosu, the Shiba Inu dog that is the face of the Dogecoin logo, which sent Dogecoin’s price up by more than 30%. However, today’s market response, although positive, was comparatively modest.

Will Musk Serve Under Trump?

Musk’s post comes on the heels of the controversial interview with US presidential candidate Donald Trump where government efficiency was one topic. Following the Twitter acquisition, Musk laid off more than 6,000 people, roughly 80%, after taking over the company.

Moreover, the post was sparked by a recent Reuters interview where Trump offered the billionaire a government position if reelected. “He’s a very smart guy,” Trump said in an interview with Reuters. “I certainly would, if he would do it, I certainly would. He’s a brilliant guy.”

Both Trump and Musk wield significant influence in the Bitcoin and crypto community. While Trump has pledged to create a ‘strategic national Bitcoin stockpile’ with all coins confiscated by the US government, promised to fire SEC Chair Gary Gensler on day one, and to pardon Silk Road founder and BTC pioneer Ross Ulbricht, Musk is known for his fondness for Dogecoin.

Notably, during his last campaign appearance, Trump reaffirmed his pro-crypto stance: “To power our country into the future, including the growing electricity demands of AI and cryptocurrencies—a topic that’s becoming increasingly important—we must stay at the forefront. If we don’t, China and other countries will take the lead in both AI and crypto.”

At press time, DOGE traded at $0.10506.