Elon Musk’s cryptic tweets have reignited interest in the crypto community, especially among Dogecoin enthusiasts. On Tuesday, Musk posted a cryptic message on X (formerly Twitter), “D.O.G.E.” and a mockery of the acronym—a move that sent the price of Dogecoin (DOGE) price up 5%, to $0.105 at the time of writing.
The tweet in question posted an AI-generated image of Musk standing behind a podium labeled “Department Of Government Efficiency (D.O.G.E.).”
Accompanying the image was a simple statement: “I am willing to serve.” The post quickly went viral, resonating with the Dogecoin community and reigniting the utility of the meme-based cryptocurrency in the wider crypto market.
In a recent campaign stop, former president and Republican nominee Donald Trump identified a potential future cabinet member should he win the upcoming election. Trump has revealed that he will give Elon Musk if he wins the presidency in November.
The announcement sparked reactions to the X, with comments flooding the commission. Musk responded to a post in his unique way, and it quickly went viral. While the intent of the tweet remains unclear, it nevertheless reaffirms Musk’s influence on Dogecoin’s market dynamics.
The Ongoing Musk-Dogecoin Relationship
Musk’s enthusiasm for Dogecoin is no secret. Over the years, the billionaire has consistently promoted the Shiba Inu-themed cryptocurrency, with his tweets often causing prices to soar. His love for DOGE has spread to Tesla, where memecoin has been adopted as a means of paying for certain products.
In April 2023, Musk abbreviated the X’s logo to Dogecoin, a move that significantly increased its value. 1825713908067479735 This isn’t the first time Musk’s tweets have had a noticeable impact on Dogecoin market performance.
In the past, his support has boosted the value of the currency, though it has also attracted criticism. A group of investors sued Musk in 2022, accusing him of manipulating Dogecoin by increasing its value by more than 36,000% in two years, only to crash
DOGE Price Market Performance
Dogecoin has seen a volatile increase in recent weeks, with Musk’s latest tweet adding momentum.
As Dogecoin price follows Musk’s latest reference, market watchers are interested to see if this surge lasts as just another short-lived spike.
Starting out as a joke, the cryptocurrency has proven to be robust, thanks in large part to Musk’s occasional contributions. At the time of writing, DOGE is trading at $0.1053, up 5.37% in the last 24 hours.
