Elon Musk has announced DOGE as the mascot for his new Department of Government Efficiency.
Following the Musk announcement, Dogecoin’s price has risen by 2.5% in a day.
Elon Musk has once again captured the attention of the Dogecoin community by announcing that “Dogecoin will serve as the official mascot for his proposed Department of Government Efficiency.” But what exactly does this mean?
Recently, the Tesla and SpaceX CEO posted a tweet referencing a “Department of Government Efficiency,” abbreviated as “DOGE,” sparking speculation that he might be eyeing a new role in government if Donald Trump wins the 2024 presidential election.
The tweet featured an AI-generated image of Musk at a desk with a sign reading “D.O.G.E.,” humorously connecting the idea of government efficiency with Dogecoin. This playful fusion of cryptocurrency and politics drew attention in the crypto community and sparked a modest rally in Dogecoin’s price.
Following that, Elon Musk highlighted his decision to DOGE as the official mascot in a follow-up tweet, where he commented on a DogeDesigner post featuring the US flag, with Musk holding up Dogecoin in his hand. The announcement has resulted in a slight uptick in Dogecoin’s value.
Impact of Musk’s Announcement on Dogecoin and Shiba Inu
Elon Musk’s recent announcement has had a significant effect on both Dogecoin and Shiba Inu. According to the CMC data, Dogecoin’s price has risen to $0.09833, with its daily trading volume surging by 26% to $470 million.
In parallel, people also connected the Shiba Inu dog, known as “Doge,” to Musk’s announcement. Since Shiba Inu is the face of Dogecoin, they see Musk’s focus on Dogecoin as a nod to the dog meme that helped popularize it. At the time of writing, Shiba Inu was priced at $0.0000132, and its trading volume climbed by 30% to $118 million.
Both cryptocurrencies have benefitted from the recent news, reflecting the continued interest and influence of Elon Musk in the world of memecoins.
Further, the U.S. District Court for the Southern District of New York recently dismissed a federal lawsuit against Elon Musk and Tesla, ruling that Musk’s tweets about Dogecoin were not misleading but rather optimistic expressions.
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