Elon Musk has once again made waves in the crypto market with a recent post on X (Twitter).
The billionaire shared an AI-generated image featuring himself and former U.S. President Donald Trump, along with the phrase “Department Of Government Efficiency (D.O.G.E).”
This tweet has uplifted the meme coin D.O.G.E, which is now up by nearly 17% over the past week, trading at $0.0002022 at the time of writing. The coin’s 24-hour trading volume has also seen a boost, increasing by approximately 10%.
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Elon Musk & Trump Together for Crypto?
The cryptocurrency market is known to be significantly impacted by Musk’s tweets, and this most recent instance is no different. A potentially hot climate for cryptocurrency trading in the US is painted by the combination of Trump’s growing interest in cryptocurrencies and Musk’s long-standing faith in digital assets.
The buzz began a few days ago when Musk hinted at the possibility of heading a new government institution if Trump were to reclaim the Oval Office in the November 2024 election.
The tech tycoon effectively combined political commentary with cryptocurrencies in a meme on X that gave this idea. The image created by AI included Musk sitting behind a desk with the letters “D.O.G.E.” displayed on a placard, emphasising the ironic yet pointed relationship between the two worlds.
Recently, Trump announced his plan to organise a government efficiency commission to audit the federal government’s finances and performance in detail. He made it clear that the group would have to offer strong reform suggestions.
Musk retweeted a video of the former president making statements in response to Trump’s remarks, saying, “This is badly needed.” Musk did not state conclusively if he would accept an official government position, even though it seemed that he would be willing to contribute to the planned political committee.
The Future for D.O.G.E
With the notable rise in the value of the meme coin D.O.G.E, conversations regarding the relationship between cryptocurrencies and politics are hot in the cryptocurrency world.
Given that prominent personalities like Musk and Trump possess the ability to shape the road, investors are closely monitoring the possible effects of these developments on the overall cryptocurrency space.
Musk’s light-hearted tweet has reignited interest in D.O.G.E., demonstrating the lasting impact of social media on the cryptocurrency market and the distinct fusion of digital assets and politics.