Musk’s latest post publicly supports Trump and Dogecoin, triggering another wave of Dogecoin craze

Elon Musk, the CEO of Tesla, has once again voiced his endorsement of US presidential candidate Donald Trump, this time in a post that also highlighted his fondness for Dogecoin (DOGE).

In a single social media post, Musk referenced both Trump’s plan for a government efficiency commission, which he would reportedly head, and Dogecoin—a token he has promoted on numerous occasions.

pic.twitter.com/PHPAbiYagy
— Elon Musk (@elonmusk) September 28, 2024
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Musk, in his typical fashion, mentioned the Department of Government Efficiency (D.O.G.E.) and described it as “epic,” tying his favored cryptocurrency to Trump’s proposed plans.

This is the first time Musk has publicly referenced both Dogecoin and Trump in the same breath, igniting speculation about his strategy to bring the meme coin back into the spotlight.

Trump and Musk: An Unlikely Duo for Cost Cutting

Musk’s latest support for Trump comes shortly after the former president mentioned Musk in a Michigan rally. Trump stated that if re-elected, he would appoint Musk as the country’s “cost cutter,” highlighting Musk’s talent for financial efficiency.

Trump acknowledged Musk’s busy schedule, including his work at Tesla and his ventures into space exploration, but assured the audience that Musk would take on the role at zero cost.

Shortly after Trump’s rally, Musk posted a poster featuring both himself and Trump in front of the White House, wearing shades—a visual representation of their newfound alliance.

By introducing Dogecoin into the narrative, Musk once again emphasized his commitment to the meme coin, reigniting excitement within the crypto community.

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Dogecoin and the 2024 Election Campaign

The introduction of Dogecoin into the political sphere is unsurprising to those familiar with Musk’s style. Over the years, he has used his platforms to promote the cryptocurrency, from accepting it as payment for rides on the Las Vegas Loop to allowing Tesla customers to purchase certain merchandise with DOGE.

The 2024 US election campaign has brought digital assets, including cryptocurrencies, into the limelight. With Musk endorsing Trump and potentially taking a key role in his administration, Dogecoin’s presence may rise in prominence. While some see this as a publicity move, others believe it may spark another rally for the meme coin.

Related reading：Elon Musk’s El Salvador conference pushes Bitcoin further

DOGE Price and Market Performance

Dogecoin has seen a mix of highs and lows over the past months. Although the meme coin has recorded a 22% increase in value over the past 30 days, it remains down by 5% in the last 60 days.

Following Musk’s recent post, DOGE experienced a slight uptick in price, trading at around $0.123. Despite this, the token remains far from its all-time high of $0.73, reached in May 2021.

Related reading：The price of Dogecoin plummeted 15%, and Musk promptly stood up to support Dogecoin