Elon Musk’s newest put up on X has as soon as once more stirred up the Dogecoin (DOGE) group. In at the moment’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 in addition 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 lovers who view Musk as a significant supporter of the memetic cryptocurrency. vitality. The put up was in response to standard DOGE group member Sir Coin Governor, who joked that Musk ought to be appointed to the Division of Authorities Effectivity, or DOGE for brief. Musk responded that it was a “excellent identify.”
i’m prepared to serve pic.twitter.com/BJhGbcA2e0
— Elon Musk (@elonmusk) August 20, 2024
Whereas the broader cryptocurrency market was trending upward on the whole, Musk’s particular point out of Dogecoin sparked fast pleasure, inflicting its worth to rise. The transfer was modest given the historical past of Musk’s tweets beforehand eliciting enormous market reactions.
The impression of Musk’s tweets on Dogecoin has been a noteworthy phenomenon within the cryptocurrency area. For instance, in October 2022, Musk finalized his Acquire Twitter, The worth of Dogecoin surged by greater than 70%. One other necessary instance was in April 2023, when he modified the X brand to theme Kabosu, the face of the Dogecoin brand, which brought about the worth of Dogecoin to extend by greater than 30%. Nevertheless, at the moment’s market response, whereas constructive, was comparatively muted.
Will Musk serve beneath Trump?
Musk’s put up comes after a controversial interview with US presidential candidate Donald Trump, wherein 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 latest Reuters interview wherein Trump supplied the billionaire a authorities job if re-elected. “He is a really sensible man,” Trump instructed Reuters in an interview. “After all I might do it, if he needed to do it, after all I might do it. He is a really sensible man.
Each Trump and Musk have important affect within the Bitcoin and cryptocurrency communities. The U.S. authorities will confiscate all Bitcoin regardless of Trump’s pledge to create a “Nationwide Strategic Bitcoin Reserve.” promised Fired SEC Chairman Gary Gensler on day one and Pardon Silk Road founder Like BTC pioneer Ross Ulbricht, Musk is understood for his love for Dogecoin.
It’s value noting that in Trump’s final marketing campaign look, reiterate His pro-crypto stance: “To maneuver our nation right into a future that features synthetic intelligence and cryptocurrency’s rising energy wants — a subject that’s turning into more and more necessary — we have to be on the forefront. If we don’t In doing so, China and different nations 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
