Elon Musk recently distanced himself from any serious involvement in the cryptocurrency, saying his interest in Dogecoin is mostly casual.
At a recent Pennsylvania rally in support of Donald Trump, Tesla and SpaceX CEO Elon Musk made his position on cryptocurrencies, specifically Dogecoin, clear. Musk, who is often associated with the broader digital asset space, clarified that his involvement in cryptocurrencies is not as serious as many think.
Instead, he sees it as mostly casual, emphasizing his playfulness with Dogecoin and his love of dogs and memes. He particularly likes Dogecoin because it’s “the best source of humor,” he says.
His comments came amid increased attention to his potential role in shaping blockchain policy, but Musk claimed this perception was exaggerated.
Elon Musk has distanced himself from Dogecoin. pic.twitter.com/4uClo0d72I
— Altcoin Daily (@AltcoinDailyio) October 21, 2024
https://x.com/thecryptabasic
doge department
Musk’s statement is in line with ongoing rumors suggesting that Musk could be named the new Department of Government Efficiency (DOGE) Secretary if Trump wins the next presidential election. There is.
The department will focus on streamlining government operations. In particular, Musk has hinted at a connection between the name of the division and Dogecoin, sparking speculation among cryptocurrency enthusiasts.
“DOGE will solve the problem,” he tweeted Tuesday in response to a Los Angeles Times report that California state officials had barred his company SpaceX from launching additional rockets from the state. did.
DOGE will fix it 🪓
— Elon Musk (@elonmusk) October 15, 2024
Dogecoin price reaction
On the other hand, some crypto investors interpret Musk’s tweets as supporting Dogecoin, likely due to Musk’s history with meme coins. In the wake of Musk’s tweet, the cryptocurrency saw an increase in social media activity, with users posting memes and sharing Musk’s messages.
This activity coincided with Dogecoin’s 24-hour trading volume of approximately $1.5 billion. The price also fell by 4.13% in the past 24 hours, while at the time of writing this article the price registered an increase of 8.12% in the past week, reaching $0.1371.
Dogecoin’s long-term potential
Amid this volatility, market analyst Ali Martinez maintains a bullish outlook on Dogecoin, suggesting the memecoin could reach double-digit prices soon. Martinez’s latest prediction, shared on October 18th, targets a surge to $10 based on Dogecoin’s historical price pattern.
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