Elon Musk, CEO of Tesla, reiterated his support for US presidential candidate, Donald Trump, and his favorite crypto, Dogecoin (DOGE), in one post. The post also referenced Trump’s proposed plan for a government efficiency commission led by Musk if re-elected.
Musk has been vocal about his DOGE idea on X, saying the Department of Government Efficiency (D.O.G.E.) will be “epic.” This appears to be the first time that the world’s richest person will mention the DOGE token and Trump in the same conversation.
Most of Musk’s recent attempts to revive the Dogecoin rally have met disappointing ends.
Elon Musk and Donald Trump team up
Musk took to X to share a poster where he and Donald Trump can be seen posing in front of the white house with some cool shades on. However, for the time in his Trump posts, Musk introduced Doge in a move that many think is a ploy to re-ignite the craze about the meme coin on social media.
— Elon Musk (@elonmusk) September 28, 2024
Donald Trump, in a Michigan rally on Friday, said that he would make Elon Musk the country’s “cost cutter” if elected. He stated, “I’m gonna get Elon, and he’s great at this, he’s gonna be our cost cutter.” Trump believes that Musk won’t be able to fill this post on a full-time basis as he is a little busy sending rockets up.
The former president mentioned that Elon is going to do this job for zero cost, but he wants to see this country be great, and he’ll do it. Tesla CEO’s latest poster move comes in after this fresh incident where he seems to be affirming Trump’s statement.
Can DOGE take center stage?
The introduction of DOGE or Dogecoin while campaigning is not a surprise for the crypto community. It is one of those moves that everyone who follows the campaign would have predicted.
“Digital assets” is one of the hot topics in the 2024 US elections. Elon Musk endorsing Donald Trump in the presidential race and Trump tapping Musk as the head of cost cutting authority sets the stage for DOGE to make a rally.
Musk has promoted Dogecoin through various platforms. Back in 2022, he announced that his company will accept DOGE as payment for rides on its Las Vegas transit system Loop. Meanwhile, Tesla already accepts the dog-themed meme coin for some merchandise.
Dogecoin has recorded an upward rally of over 22% in the last 30 days. Still, it is trending downward by 5% in the past 60 days.
DOGE price saw a marginal surge after Musk put out the poster on X. Dogecoin is trading at an average price of $0.123 as of press time. It is down by 83% from its all-time-high of $0.73, recorded on May 8, 2021.