Elon Musk has once again sparked reaction within the Dogecoin community with his recent tweet that made an indirect reference to DOGE. The Tesla and SpaceX CEO posted a tweet that reads, "Department of Government Efficiency," which could be abbreviated for short as "DOGE."
This playful nod to Dogecoin was accompanied by an image of Musk, adding a visual element that further captivated his followers. Musk cleverly played with the acronym "DOGE," referring to his tweet "Department of Government Efficiency."
Department of Government Efficiency pic.twitter.com/HFeHYNIkJN
— Elon Musk (@elonmusk) September 7, 2024
In an image that seemed to be AI-generated, Musk looked stylish while displaying the acronym "DOGE." This is not the first time Musk has made such a tweet. In the past month, he posted a similar message, which also caused a reaction in the Dogecoin community.
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Recent weeks have seen the Tesla CEO return to Dogecoin references in playful posts, even responding to Dogecoin-related comments.
In the past month, Musk and Tesla won the dismissal of a lawsuit claiming they pumped up the price of the cryptocurrency Dogecoin into a $258 billion "pyramid scheme."
Dogecoin price reaction
The Dogecoin price remains down in the last 24 hours, according to CoinMarketCap data. Cryptocurrencies continued to plummet on Saturday, extending Friday's downturn that took Bitcoin to its lowest point in a month.
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Bitcoin had briefly recovered after a weaker-than-expected nonfarm payrolls report before returning to the downside. Although some cryptocurrencies are trading higher, others are falling, such as Dogecoin, which is down 2.39% in the last 24 hours to $0.095. The dog-themed cryptocurrency is also down 6.28% weekly.
Dogecoin, with its Shiba Inu image, was the first meme coin, a sort of cryptocurrency derived from internet memes or jokes, and hit an all-time high of $0.737 in May 2021, after which it plunged by around 87%.
