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Elon Musk recently made a speech in Pennsylvania. When the audience started asking questions to the tech billionaire, someone asked him on his attitude to the Department of Government Efficiency that he might spearhead in the future.
Musk immediately shortened this long title to his favorite D.O.G.E. - an abbreviation that sounds similar to the name of his favorite meme cryptocurrency Dogecoin (DOGE).
Yuri MolchanIn particular Musk stated that this D.O.G.E. organization, if it is set up in the future, should monitor how US government spending is performed. Funds should be spent in a way that would benefit US citizens, Tesla CEO stated, while he believes that a lot of spending is now being done outside the USA.
The Dogecoin community reacted with a wave of enthusiasm and the mention of DOGE (even though it was D.O.G.E.) made them leave supportive comments for Musk and Dogecoin, praising the largest meme cryptocurrency by market capitalization value.
Elon Musk is a well-known fan of Dogecoin, which he loves because its connection to dogs and memes, as he admitted in a podcast earlier this year. In the past six years, he actively posted memes and shilled DOGE on his Twitter account and his tweets had a significant and instantaneous impact on the Dogecoin price, making it sway up and down.
In 2021, DOGE soared to reach an all-time high thanks to Musk jokingly calling himself “The DogeFather” on Twitter and then endorsing the meme coin during his debut at Saturday Night Live.
As of late, though, Musk has not been tweeting much about Dogecoin and his rare mentions of the original meme cryptocurrency now have a short-lived impact on its price, if any at all.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin