Tech tycoon Elon Musk sent the meme-coin world into a tailspin with a post on the X platform. Musk, renowned for his affection for memes and his reputation as “Dogefather”, posted an AI-generated image of the tech magnate standing in front of a podium featuring 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 the world’s largest manufacturer of EV cars, Tesla, has created a flurry of excitement around Dogecoin after a long period of not mentioning the OG memecoin.
In his latest post which has arguably renewed optimism among Dogecoin fans, Musk shared a picture showing himself as an executive in the Department of Government Efficiency, or simply D.O.G.E. Accompanying the image posted late Monday was the phrase, “I am ready to serve.”
Musk’s tweet was likely in response to Republican presidential candidate Donald Trump saying he would consider putting the Tesla boss in his Cabinet if he wins over his Democratic rival Kamala Harris in November.
Foreseably, the post triggered a positive reaction from Dogecoin fanatics. The price of DOGE climbed over 3% to reach a local high of $0.1057. However, Dogecoin’s leap in value came amid a resurgence in the broader crypto market. Nonetheless, Musk’s apparent mention of DOGE added to the hysteria among fans as the billionaire X owner has long been a fervent champion of the leading memecoin.
Last month, Musk affirmed 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 the token’s integration on X ever since he bought the social media giant in 2021. The DogeArmy continues to hold out hope that DOGE will be incorporated into X’s upcoming payments system.
Notably, Tesla and SpaceX already accept DOGE payments for merch purchases. Musk has also suggested that “at some point” Tesla should accept it as payment for its electric cars.
