‘I Just Like Dogecoin’: Elon Musk Pumps Meme Coin to 4-Month High

Elon Musk said over the weekend that he’s not “actively involved” in crypto. He just likes Dogecoin.

At a pro-Donald Trump political rally in Pennsylvania Sunday, the world’s richest man was asked whether he would try and get the use of blockchain technology into government. 

Musk is now an outspoken Republican and is endorsing ex-President Trump for another term in the White House. Trump has said that Musk, a longtime Dogecoin (DOGE) fan, may lead a government efficiency commission—dubbed the Department of Governmental Efficiency (D.O.G.E.)—if he gets into power next month. 

“I’m actually not actively involved in crypto,” he said. “I make Dogecoin jokes and stuff because I just kind of like Dogecoin—because it’s got the best sense of humor and it has dogs and memes, and I love all those things.”

Dogecoin (DOGE) is the ninth-biggest cryptocurrency by market cap. Originally created as a joke, the coin gained a big following and surged to new highs after Tesla and SpaceX CEO Musk started posting memes related to the coin back in 2020. 

The cryptocurrency is now trading for above $0.14, according to CoinGecko, having shot up nearly 22% over the last seven days. It is still well below its 2021 all-time high of $0.73, but hit a four-month peak price during the weekend spike.

It’s not the first time SpaceX CEO Musk has brushed aside rumors that he is helping Trump with crypto policy. Back in May, Musk said he had “never discussed crypto” with Trump after a Bloomberg article reported that he had. 

Republican candidate Trump has come out as enthusiastic about the digital asset sector, promising to help Bitcoin grow and gain more regulatory clarity in the United States. He has also launched his own decentralized finance (DeFi) project called World Liberty Financial, though last week’s token sale was a bust.

The price of DOGE boomed last week after Musk tweeted “D.O.G.E. will fix it,” referring to the potential upcoming governmental department. Investors apparently interpreted his tweet as an endorsement of the cryptocurrency, with Musk’s comments at multiple rallies over the last few days only furthering Dogecoin’s latest rise.

Edited by Andrew Hayward