Elon Musk, CEO of Tesla, SpaceX, and social network X, reaffirmed his support for Republican presidential candidate Donald Trump. Musk also endorsed Dogecoin in a creative message posted early this morning.
Support for Donald Trump
Elon Musk, known for his innovative communication style, shared a message in the early hours today, expressing support for both Donald Trump and Dogecoin.
Idea of D.O.G.E. Department
Musk proposed the creation of the 'Department of Governmental Efficiency,' humorously abbreviated as D.O.G.E., clearly referencing the popular meme coin he has supported multiple times. While seemingly a parody, the idea might stem from discussions Musk has had with Trump.
Market Reaction to Dogecoin
Unlike previous occasions where Musk’s statements led to significant fluctuations in DOGE’s price, this time his announcement did not impact its value. According to data from our CryptoMarkets section, the price of DOGE remains at about USD $0.12 per unit, marking a 15% decrease over the last 24 hours. However, the market began to recover about an hour after Musk’s post.
These events highlight how public figures like Elon Musk can influence public perception and markets. In this instance, the effect on Dogecoin’s value was minimal, but his combination of political endorsement and cryptocurrency promotion continues to draw attention.
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