Dogecoin saw a notable price increase of over 4% after Elon Musk engaged in a conversation about X that appears to be boosting support for the popular meme-inspired crypto. The interaction began when DogeDesigner, a graphic designer affiliated with Dogecoin, posted an image showing Musk holding a wrench.
Elon Musk caught in another Dogecoin saga!
DogeDesigner captioned the image with: “It’s time to fix the country through DOGE.” Musk’s response, which was a simple “yes,” quickly sparked speculation among crypto passionate about his interest in Dogecoin.
Although DogeDesigner’s post refers to “DOGE”, the broader context behind Musk’s response remains unclear. Some speculators believe his support demonstrates continued support for the digital doghead coin, which Musk has supported in the past.
Yes 🔧 https://t.co/ks64wN6lw9
– Elon Musk (@elonmusk) November 14, 2024
Others noted that the reference to “DOGE” could be linked to Musk’s recent appointment as head of the new Department of Government Effectiveness (DOGE). As a reminder, DOGE is an initiative led by the US government under the leadership of President-elect Donald Trump. Whatever Musk’s intention, the price surge that followed his comment underscores the influence he continues to wield in the crypto space.
At the time of writing, the Dogecoin price rose above $0.41 again after falling to the $0.37 level earlier today. Following Musk’s post, DOGE price gained 4.11% to $0.4146 on Thursday, November 14.
About DOGE
On Tuesday, November 12, Trump confirmed that Musk and former Republican presidential candidate Vivek Ramaswamy would lead the Department of Government Effectiveness, a government agency created to streamline federal processes.
Musk and Ramaswamy will be essential to my administration’s efforts to dismantle government bureaucracy, cut wasteful spending and reform federal agencies, Trump said. This department aims to achieve a smaller, more efficient government by the 250th United States Independence Day in 2026.
The creation of the Department of Government Effectiveness marks a significant shift in American policy, reflecting Trump’s determination to restructure the government and involve private sector leaders in the process. In nominating Musk and Ramaswamy, Trump chose two figures who have publicly supported his campaign and bring significant private sector experience. Musk, known for running Tesla, SpaceX and X, and Ramaswamy, a pharmaceutical entrepreneur, represent the administration’s push for a business approach to government.
As Musk and Ramaswamy prepare for their roles, Musk’s playful endorsement of “DOGE” on X adds a unique layer of intrigue. It remains unclear whether his response was a light nod to Dogecoin or a subtle reference to his commitment to the Department of Government Effectiveness.
Read also: DOGE under fire; Senator Warren criticizes Musk and Ramaswamy