Elon Musk, Tesla CEO and billionaire entrepreneur caught the attention of the Dogecoin (DOGE) community and beyond with his recent post. In his characteristic cryptic manner, Musk shared an AI-generated image of himself dressed in black. The image, which depicts Musk in dark glasses, also has D.O.G.E boldly written before him.
This acronym stands for Department of Government Efficiency. It refers to the portfolio former U.S. President Donald Trump promised Elon Musk should he win re-election. However, the image also conveys a hidden message about Musk’s support for Dogecoin.
The Potential for a DOGE Payment Revolution
The Tesla boss has not hidden his fondness for the canine-themed memecoin. In 2023, after he acquired Twitter, now X, he temporarily used the DOGE logo to replace Twitter’s on the platform. Thus, Musk’s latest post remains consistent with his support for the coin. It is also fueling further speculations about the entrepreneur’s plans for Dogecoin.
Notably, the billionaire has always favored Dogecoin in his posts. Some industry watchers believe that Elon Musk may officially integrate it as a payment option. The X owner dropped the first hint in 2022 when he shared his vision that Tesla charging stations would in the future accept DOGE as payment. Dogecoin has been added as an official payment option, though only for merchandise purchased at the Tesla online store.
If Musk proclaims a full adoption of DOGE, this could drive up institutional interest in the cryptocurrency. This endorsement may potentially spark a bullish Dogecoin price rally. However, institutional investors favor crypto assets with specific utility like exchange-traded funds (ETFs) such as Bitcoin and Ethereum.
Interestingly, The Coin Republic reported on speculations about a possible Dogecoin ETF product. The tell-tale sign lies in the bold path being taken by the Dogecoin Foundation and its value in the industry.
Political Implications on Dogecoin Price Outlook
Another intriguing factor that could fuel a Dogecoin price rally is the outcome of the U.S. presidential election in November this year. The former U.S. president has confirmed that Elon Musk will take charge of the “Department of Government Efficiency.”
This development has boosted the broader digital asset community’s confidence that Trump has become more crypto-friendly. Additionally, many remain optimistic about a bullish path for the memecoin under a Trump Presidency.
Political and financial analysts, however, caution that the U.S. election can swing either way. There is currently no clear favorite as candidates continue to woo support ahead of November.
However, to further promote the DOGE acronym, President Trump will have to return to the White House.
Elon Musk and Bullish Impact on DOGE
Historically, X posts by Elon Musk have always caused a spike in the price of Dogecoin. In August, when Musk first alluded to the Department of Government Efficiency, DOGE recorded a significant 5% rise in the market. DOGE also registered an over 30% leap when Musk briefly changed the Twitter logo in 2023.
Dogecoin traded down by 2.17% when writing to exchange hands for $0.09488. However, market volume registered a massive 54.80% rise to $784.77 million, reflecting investors’ sentiment. Once the market price is in the latest post, it might trigger a boom in DOGE price.
