Elon Musk and his love for DOGE is a story well told, now the tech billionaire has once again stirred up the crypto community with a cryptic post on X (formerly known as Twitter).
The post this time around read “Department Of Government Efficiency” which when abbreviated, the word spells out as “DOGE” – the popular memecoin. Musk’s post has left the community to speculate if this is another subtle endorsement of his favorite memecoin or just a lighthearted joke keeping in mind the recent debate.
Department
Of
Government
Efficiency— Elon Musk (@elonmusk) September 12, 2024
Elon Musk’s History with Dogecoin
Over the years, Musk has posted memes, jokes, and endorsements related to DOGE multiple times which would affect the popularity and the price of the meme coin. Back in February 2021, Musk called out Doge as “the people’s crypto”, leading to a 70% surge in the prices of the dog token at that time. Musk’s social media influence over the dog memecoin is undeniable and hence he is unofficially known as the “Dogefather”.
In May 2024, Tesla on their website subtly stated that it would accept Doge payments on certain merchandise, although not for car purchases but this post has sparked speculation about potential development in this area.
The Meaning Behind the Cryptic Message
The message behind the cryptic post is unclear. People are speculating that this could be a subtle hint towards a new development or an initiative with Dogecoin being at the center of the development.
Recently former President Donald Trump also announced his interest in making Musk the head of a cabinet called the Department of Government Efficiency which will monitor all tech developments in the United States. Musk might also be reminding people about what is to come if people vote for Trump.
The current political betting odds heavily favor Kamala Harris after the presidential debate, the post might be another marketing gimmick by the eccentric tech leader to shift votes in favor of Donald Trump.
Musk has had a history of posting cryptic messages that have caused a significant market reaction, making it difficult to decode them. Following the post, there has been a slight surge in the price of the meme coin which indicates the strong “Musk effect” of that coin.
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Source: https://www.cryptonewsz.com/elon-musk-cryptic-post-on-x-interest-dogecoin/