The head of Tesla and SpaceX took time out of a Pennsylvania political rally supporting Donald Trump to clarify his stance on cryptocurrencies. He insists it’s still mostly casual.
The head of Tesla and SpaceX took time out of a Pennsylvania political rally supporting Donald Trump to clarify his stance on cryptocurrencies. He insists it’s still mostly casual. In response to speculation about his possible involvement in shaping blockchain policy, Musk said his involvement in cryptocurrencies is not as important as many realize.
“People make Dogecoin jokes and things like that because they just love Dogecoin,” Musk explained, noting that the cryptocurrency’s main appeal is that it’s funny, branding dogs, and memes. Musk’s comments come amid growing talk about his possible appointment to head the Trump administration’s proposed Department of Government Efficiency, or DOGE.
The billionaire entrepreneur’s past social media posts had a significant impact on Dogecoin’s market performance. The digital currency, which currently ranks as the ninth-largest cryptocurrency by market capitalization, has seen tremendous growth since Musk first started sharing Dogecoin memes in 2020.
According to recent market data provided by CoinMarketCap, Dogecoin has risen more than 23% over the past week, trading to a weekly high of $0.1493. However, it remains well below its all-time high of US$0.7376.
While attending the rally, Musk also refuted growing speculation about his involvement with Trump on crypto policy. He reiterated that he had no conversations with the former president about cryptocurrencies, as he said in May.
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