Elon Musk Sends Dogecoin Fans Into A Frenzy With His Latest X Post
Release: 2024/08/21 17:19 Reading: 923
Tech tycoon Elon Musk sent the Dogecoin meme coin world into a tailspin with his post on the X platform.
Musk, known for his love of memes and his self-proclaimed "Dogefather" persona, posted an AI-generated image of himself standing in front of a podium with the words "Department of Government Efficiency." The acronym, of course, is D.O.G.E., the name of his favorite canine-themed cryptocurrency.
Musk Breaks His Silence on Dogecoin
Elon Musk, the CEO of SpaceX and Tesla, sparked excitement among Dogecoin fans with his first mention of the OG memecoin in a while.
In a recent post that boosted optimism among Dogecoin enthusiasts, Musk shared a picture depicting himself as an executive in the Department of Government Efficiency, or simply D.O.G.E. The image was accompanied by the phrase, "I am ready to serve."
Musk's tweet was likely a response to Republican presidential candidate Donald Trump's statement that he would consider appointing Musk to his Cabinet if he defeats his Democratic rival Kamala Harris in November.
As expected, Musk's post triggered a positive reaction from Dogecoin fans. The price of DOGE surged by over 3%, reaching a local high of $0.1057. However, Dogecoin's rise in value also coincided with a broader rally in the crypto market.
Musk's apparent mention of DOGE added to the frenzy among fans, as the billionaire has long been a strong supporter of the leading memecoin. Last month, Musk admitted that he has a "soft spot" for Dogecoin because he "likes dogs and memes."
Given Musk's endorsement of Dogecoin, there has been speculation about its integration on X since he acquired the social media giant in 2021. The DogeArmy remains hopeful that DOGE will be incorporated into X's upcoming payments system.
Notably, Tesla and SpaceX already accept DOGE payments for merchandise purchases. Musk has also suggested that Tesla may "at some point" accept DOGE as payment for its electric cars.
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