Elon Musk Rediscovers His Love For Dogecoin Memes, DOGE Price Pumps 5%

Elon Musk’s latest post on Twitter has once again stirred the Dogecoin (DOGE) community. In a post on Twitter today, the billionaire entrepreneur shared an AI-generated image depicting himself as an executive in a whimsically named “Department of Government Efficiency,” cleverly abbreviated as D.O.G.E.

Billionaire entrepreneur Elon Musk has once again shown his love for Dogecoin (DOGE) memes in a recent post on X. The post, which featured an AI-generated image of Musk as an executive in a "Department of Government Efficiency" (D.O.G.E), quickly sent the meme coin's price up by 5%.

Musk's specific mention of Dogecoin in the post, which was a response to a joke by a popular DOGE community member, sparked immediate excitement among investors and enthusiasts who closely follow Musk's interactions with the meme cryptocurrency. This excitement contributed to the coin's price increase, which was evident despite the broader cryptocurrency market showing a slight upward trend.

The billionaire's tweets have been known to significantly impact Dogecoin's price. For instance, in October 2022, when Musk finalized his acquisition of Twitter, Dogecoin's price surged by over 70%. Another significant instance was in April 2023, when he changed the X logo to feature Kabosu, the Shiba Inu dog that is the face of the Dogecoin logo, which sent Dogecoin's price up by more than 30%.

Musk's post comes on the heels of the controversial interview with US presidential candidate Donald Trump, where government efficiency was one topic. Following the Twitter acquisition, Musk laid off more than 6,000 people, roughly 80%, after taking over the company.

The post was also sparked by a recent Reuters interview where Trump offered the billionaire a government position if reelected. "He's a very smart guy," Trump said in an interview with Reuters. "I certainly would, if he would do it, I certainly would. He's a brilliant guy."

Both Trump and Musk wield significant influence in the Bitcoin and crypto community. While Trump has pledged to create a ‘strategic national Bitcoin stockpile’ with all coins confiscated by the US government, promised to fire SEC Chair Gary Gensler on day one, and to pardon Silk Road founder and BTC pioneer Ross Ulbricht, Musk is known for his fondness for Dogecoin.

Notably, during his last campaign appearance, Trump reaffirmed his pro-crypto stance: "To power our country into the future, including the growing electricity demands of AI and cryptocurrencies—a topic that's becoming increasingly important—we must stay at the forefront. If we don't, China and other countries will take the lead in both AI and crypto."

At press time, DOGE trades at $0.10506.

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