Elon Musk, tech entrepreneur and billionaire, has triggered a frenzy with his post on X. Musk shared an image of his laptop with a dollar bill sticker bearing a Dogecoin-dog logo. The post immediately sparked debate about the possible hints Musk could suggest to the crypto community.
What is Fueling the Speculation?
Notably, George Washington’s face has graced the $1 bill since 1896, but the picture Musk shared is of a Shiba Inu dog breed. According to Musk, the picture has been in his possession for approximately three years as a gift.
“This is a pic of my laptop. It’s about 3 years old. A guy in Germany gave me this cool sticker, so I don’t want to upgrade it and lose the sticker,” he wrote.
The bill has the inscription “Dogecoin Reserve Note” at the top. This has made many in the community speculate about the possibility of a Dogecoin (DOGE) reserve soon. The speculations stem from Musk’s previous posts that support the memecoin.
Dogecoin’s Growing Influence on Musk’s Ties
Aside from sharing memes about DOGE, his car manufacturing company, Tesla, accepts DOGE as a payment method for some of its products. Hence, sharing the Dogecoin Reserve Note in a post to his over 209 million followers understandably caused a stir, particularly for crypto enthusiasts.
Additionally, Elon Musk’s deliberate choice of portfolio, the Department of Government Efficiency (D.O.G.E.) under Trump’s presidency, further fuels the positive sentiment for DOGE. The department has gained support from notable crypto stakeholders. And, each time his position receives a mention, it directs some attention to the memecoin.
Analysts maintain that such a subtle support could drive up market sentiments and trigger a price rally. Interestingly, Musk made a cryptic statement last month, “Starting to feel like ’The DOGE has real potential’ on Department of Government Efficiency (D.O.G.E).”
Market Sentiment and Price Impact
What Musk might have planned or if DOGE will benefit the incoming administration remains uncertain. However, his attention to the token could push it toward a price rally.
As of this writing, DOGE is exchanging hands at $0.3245, a 4.44% increase in the last 24 hours. Its market volume has recorded an uptick of 15.99% to $2.5 billion. The community looks forward to more gains in the days ahead.
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