Elon Musk’s latest post on X has the Dogecoin (DOGE) community buzzing again. In a post on X today, the billionaire entrepreneur shared an AI-generated image of himself as the director of the jokingly named “Department of Government Efficiency,” cleverly abbreviated as DOGE. The image was accompanied by Musk’s message, “I stand ready to serve,” which not only fit his fun public persona but also reignited interest in Dogecoin, leading to a 5% enhance in its price to $0.105.
Musk Rediscovers His Love for Dogecoin Memes
The post marks Musk’s return to public commentary on Dogecoin after a period of relative silence, bringing recent energy to investors and enthusiasts who see Musk as a key proponent of the meme cryptocurrency. The post was in 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 miniature. Musk responded by calling it a “perfect name.”
I am willing to serve photo:twitter.com/BJhGbcA2e0
— Elon Musk (@elonmusk) August 20, 2024
Despite the general bullish trend in the broader cryptocurrency market, Musk’s specific mention of Dogecoin sparked immediate excitement, helping to drive its price higher. The move is modest given the historical context in which Musk’s tweets have previously led to significant market reactions.
The impact of Musk’s tweets on Dogecoin has been a notable phenomenon in the cryptocurrency space. For example, in October 2022, when Musk completed his acquisition of Twitter, the price of Dogecoin increased by over 70%. Another notable case was in April 2023, when he changed the X logo to Kabosu, the Shiba Inu dog that is the face of the Dogecoin logo, which caused the price of Dogecoin to enhance by over 30%. However, the market reaction today, while positive, has been relatively modest.
Will Musk serve Trump?
Musk’s post comes on the heels of a controversial interview with U.S. presidential candidate Donald Trump, in which one of the topics was government efficiency. Musk laid off more than 6,000 people, or about 80%, after taking over Twitter.
What’s more, the post was inspired by a recent interview with Reuters in which Trump offered the billionaire a government position if he were re-elected. “He’s a very smart guy,” Trump told Reuters in an interview. “I would definitely do it, if he did it, I would definitely do it. He’s a brilliant guy.”
Both Trump and Musk have significant influence over the Bitcoin and cryptocurrency community. While Trump has promised to create a “strategic national Bitcoin stockpile” where all coins would be confiscated by the U.S. government, promised to fire SEC Chairman Gary Gensler on day one, and pardon Silk Road founder and BTC pioneer Ross Ulbricht, Musk is known for his fondness for Dogecoin.
It is worth noting that during his last campaign appearance, Trump confirmed his pro-crypto stance: “To ensure our country’s energy future, including the growing electricity demand from AI and cryptocurrencies — a topic that is becoming increasingly important — we must stay ahead. If we don’t, China and other countries will be ahead in both AI and cryptocurrency.”
At the time of going to press, DOGE shares were priced at $0.10506.
Featured image from Axios, chart from TradingView.com
