Elon Musk’s DOGE signal: Dogecoin bull may be near.
Elon Musk surprised everyone by sharing a post coded as “#DOGE ” based on the US presidential elections.
Elon Musk may come up with the idea of representing himself as the head of a new government agency if former US President Donald Trump is elected president in the November 2024 elections. As expected, Musk shared the idea on the X social media platform using an ambiguous expression referring to cryptocurrency and politics.
The post featured an AI-generated image of Musk sitting behind a desktop sign with the letters “$DOGE ” on it. The image was accompanied by the text “Department of Government Efficiency.”
Dogecoin reached a 24-hour peak in the hours following Musk’s post. However, as of the writing of the news, it has remained below the peaks of previous weeks for the last seven days.
Trump recently promised to establish a government efficiency commission. Musk retweeted the video of Trump’s remarks with his own commentary, saying “this is needed.” The billionaire tech mogul appeared to have promised to contribute to the political committee, but refrained from saying he would accept an official government position. It is currently unclear whether #Musk is seriously considering a government position.
The US presidential election in November will be very important for cryptocurrencies. Donald Trump’s positive outlook on the sector could trigger a new bull run.
