Elon Musk’s newest submit on X has as soon as once more stirred the Dogecoin (DOGE) neighborhood. In a submit on X these days, the billionaire entrepreneur shared an AI-generated symbol depicting himself as an govt in a whimsically named “Division of Govt Potency,” cleverly abbreviated as D.O.G.E. Accompanying the picture used to be Musk’s message, “I’m prepared to serve,” which now not handiest performed to his funny public character but additionally reignited pastime in Dogecoin, resulting in a 5% build up in its worth to $0.105.
Musk Rediscovers His Love For Dogecoin Memes
This submit marks Musk’s go back to creating public feedback about Dogecoin after a length of relative silence, bringing renewed power amongst buyers and lovers who see Musk as a key proponent of the meme cryptocurrency. The submit used to be a solution to the preferred DOGE neighborhood member “Sir Doge of the Coin” who joked that Musk will have to be appointed to the “Division of Govt Potency,” or D.O.G.E for brief. Musk answered via calling it a “very best title.”
I’m prepared to serve %.twitter.com/BJhGbcA2e0
— Elon Musk (@elonmusk) August 20, 2024
Regardless of the overall upward development within the broader cryptocurrency marketplace, Musk’s particular point out of Dogecoin infused quick pleasure, contributing to its worth build up. This motion is discreet, making an allowance for the ancient context the place Musk’s tweets have in the past resulted in really extensive marketplace reactions.
The have an effect on of Musk’s tweets on Dogecoin has been a notable phenomenon within the crypto house. As an example, in October 2022, when Musk finalized his acquisition of Twitter, Dogecoin’s worth surged via over 70%. Every other important example used to be in April 2023, when he modified the X emblem to function Kabosu, the Shiba Inu canine that’s the face of the Dogecoin emblem, which despatched Dogecoin’s worth up via greater than 30%. Alternatively, these days’s marketplace reaction, even if sure, used to be relatively modest.
Will Musk Serve Underneath Trump?
Musk’s submit comes at the heels of the debatable interview with US presidential candidate Donald Trump the place govt potency used to be one subject. Following the Twitter acquisition, Musk laid off greater than 6,000 other folks, more or less 80%, after taking on the corporate.
Additionally, the submit used to be sparked via a contemporary Reuters interview the place Trump presented the billionaire a central authority place if reelected. “He’s a extremely smart man,” Trump mentioned in an interview with Reuters. “I surely would, if he would do it, I surely would. He’s a super man.”
Each Trump and Musk wield important affect within the Bitcoin and crypto neighborhood. Whilst Trump has pledged to create a ‘strategic nationwide Bitcoin stockpile’ with all cash confiscated via the USA govt, promised to fireplace SEC Chair Gary Gensler on day one, and to pardon Silk Highway founder and BTC pioneer Ross Ulbricht, Musk is understood for his fondness for Dogecoin.
Particularly, right through his ultimate marketing campaign look, Trump reaffirmed his pro-crypto stance: “To energy our nation into the long run, together with the rising electrical energy calls for of AI and cryptocurrencies—a subject matter that’s changing into increasingly more essential—we will have to keep at the leading edge. If we don’t, China and different international locations will take the lead in each AI and crypto.”
At press time, DOGE traded at $0.10506.
Featured symbol from Axios, chart from TradingView.com