The Tesla and SpaceX chief took time out of his day at a political rally in Pennsylvania supporting Donald Trump to clarify his stance on cryptocurrencies, which he said are still largely neutral. Addressing speculation about his potential involvement in shaping blockchain policy, Musk said his involvement in cryptocurrencies is not as significant as many people think.
“I joke about Dogecoin and stuff like that because I just like Dogecoin,” Musk explained, noting that the cryptocurrency’s main appeal is that it’s funny, the brand is dogs, and it’s a meme. Musk’s comments come as there’s growing talk about his possible appointment to head a proposed Department of Government Efficiency under a potential Trump administration—abbreviated as D.O.G.E.
The billionaire entrepreneur’s previous social media posts have had a huge impact on Dogecoin’s market performance. The digital currency, currently ranked as the ninth-largest cryptocurrency by market capitalization, has seen phenomenal growth since Musk began sharing Dogecoin memes in 2020.
According to recent market data provided by CoinMarketCap, Dogecoin has increased by more than 23% over the past week, trading at a weekly high of $0.1493. However, it is still well below its all-time high of $0.7376.
Musk, while at the rally, also dismissed speculation about his involvement with Trump on cryptocurrency policy. He stressed, as he did in May, that there had been no conversation about cryptocurrency with the former president.