Elon Musk’s Reaction to Trump Ignites Dogecoin Surge, See How

Businessman and investor, Elon Musk, has made waves once again in the crypto community with a recent reaction he made on his X platform. The billionaire responded to an offer presented to him by Donald Trump considering him as a potential cabinet member if elected into office in the coming U.S. elections.

Musk accepted the offer, posting a picture on his X account calling it D.O.G.E (Department of Government Efficiency). Consequently, the price of memecoin Dogecoin immediately surged by 6%. Musk’s occasional crypto-related social media comments are known to affect price directions, especially in the case of memecoins that feed on hype and endorsements.

Musk Accepts Trump’s Proposal to Serve

In a recent post, the chairman of X indicated his readiness for the role presented to him by the Republican party presidential candidate Trump. The image which is a picture of him standing in a pulpit was captioned “I am willing to serve.” Atop the pulpit is written the acronym D.O.G.E, with its full meaning “Department of Government Efficiency” written in from of the stand.

The post which was seen by over 29 million people on X at the time of writing, has created a buzz across the community with members discussing how Musk would fit in the role if Trump takes office. Donald Trump offered the SpaceX CEO a seat in his advisory team.

The acronym D.O.G.E was first suggested by a user “Sir Doge of the Coin,” and Elon Musk reacted to it calling it the “perfect name.” Moments later, he posted the image with

DOGE Rallies Following Tweet

The price of the largest memecoin by market cap, DOGE, jumped by over 6% following the tweet and reactions on X. At the time of writing, CoinMarketCap data showed that the coin traded at $0.1048, representing a 5.72% increase in the last 24 hours.

Data from Coinglass also highlights that the market is on an upswing, which is the background against which the price movement is occurring. The OI for Dogecoin

Reference: https://cryptonews.guru/