Elon Musk Distances Himself From Dogecoin, Says “Nothing Serious”

Elon Musk recently distanced himself from serious crypto involvement, calling his Dogecoin interest mostly casual.

At a recent Pennsylvania rally in support of Donald Trump, Tesla and SpaceX CEO Elon Musk shed light on his position regarding crypto, specifically Dogecoin. Musk, often linked to the broader digital asset space, clarified that his involvement with cryptocurrencies is not as serious as many might believe. 

Instead, he sees it as largely casual, underscoring his playful association with Dogecoin and his love for dogs and memes. He particularly says he likes Dogecoin because it is “the best source of humor.”

His comments came amidst increased attention to his potential role in shaping blockchain policies, but Musk asserted that this perception is overstated.

Elon Musk distances himself from Dogecoin. pic.twitter.com/4uClo0d72I

— Altcoin Daily (@AltcoinDailyio) October 21, 2024

D.O.G.E. Department

This statement from Musk aligns with ongoing rumors suggesting that if Trump wins the upcoming presidential election, Musk could be appointed to head a new Department of Governmental Efficiency (D.O.G.E.). 

This department would focus on streamlining government operations. Notably, Musk has hinted at the connection between the department’s name and Dogecoin, leading to speculation among crypto enthusiasts.

On Tuesday, he tweeted, “D.O.G.E will fix it,” in response to a Los Angeles Times report indicating that California officials had barred his SpaceX company from launching additional rockets from the state.

D.O.G.E will fix it 🪓

— Elon Musk (@elonmusk) October 15, 2024

Dogecoin’s Price Reaction 

Meanwhile, some crypto investors have interpreted Musk’s tweet as supportive of Dogecoin, likely due to his history with the meme coin. Following Musk’s tweet, the crypto saw increased social media activity, with users posting memes and sharing his message. 

This activity coincided with a 24-hour trading volume of approximately $1.5 billion for Dogecoin. Although the price has also dipped by 4.13% in the past 24 hours, the price recorded an 8.12% increase over the past week, reaching $0.1371 during this press.

Dogecoin’s Long-Term Potential

Amid this volatility, market analyst Ali Martinez has maintained a bullish outlook on Dogecoin, suggesting that the meme coin could reach a double-digit price soon. Martinez’s latest prediction, shared on October 18, targets a surge to $10, based on Dogecoin’s historical price patterns.