Elon Musk, the world’s richest man and founder of Tesla and SpaceX, has once again recently mentioned the leading meme cryptocurrency, Dogecoin (DOGE).
Despite recently insisting that he’s not “actively involved” in crypto, Musk’s long-time sweetheart, DOGE, shot up in value today following his latest mention.
Elon Musk’s Latest Cryptic Allusion To Dogecoin
Even as Elon Musk’s involvement with United States politics has increased over the past year, he still seems to have a soft spot for one specific cryptocurrency: Dogecoin (DOGE).
In the latest post on his own social media platform X (aka Twitter), the billionaire entrepreneur shared a photo of himself taken at one of Donald Trump’s campaign events. In the photo, he victoriously raises both hands, resembling a bodybuilder posing to flex his muscles. Musk merged the photo with a DOGE meme, where a Shiba Inu dog raises hands in a similar manner and displays a shredded body.
— Elon Musk (@elonmusk) October 28, 2024
The Tesla boss has frequently talked about creating a “Department of Government Efficiency” to cut back on what he considers wasteful spending and murky regulations. He recently announced an ambitious plan to save American taxpayers a staggering $2 trillion through the government efficiency commission. Notably, the initiative’s acronym, D.O.G.E., aligns with the ticker of Musk’s favorite crypto Dogecoin.
DOGE investors may have interpreted the self-styled dogefather’s recent remarks as unofficially pumping DOGE, given he once helped send it to an all-time high of $0.7316 in May 2021 with his frequent tweets and public endorsements of the Shiba Inu-themed meme coin.
Dogecoin Price Goes Up
Dogecoin is currently the eighth biggest digital asset, with a market cap of $23.2 billion. Created as a joke by developers wanting to poke fun at the seriousness of Bitcoin, it became a somewhat more serious cryptocurrency itself during a surge in crypto prices between 2020 and 2021.
According to CoinGecko data, Dogecoin’s value has climbed to $0.1585 and is up approximately 6.1% in the last 24 hours. The price of DOGE has boomed in recent weeks following Musk’s comments at multiple pro-Trump rallies.
While still 80% below its peak 2021 price, Dogecoin remains one of the most valuable cryptocurrencies in the world with a vibrant fan base. Now, traders expect a Trump victory in November to lead to more talk of “DOGE,” fueling retail attention and interest in Dogecoin.
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