Elon Musk’s Midnight Surprise: Could This Tweet Change the Fate of Dogecoin and the Presidential Race?

• Elon Musk reiterates support for Donald Trump and Dogecoin in a creative, early morning social media post.
• Musk proposes “Department of Governmental Efficiency,” acronym D.O.G.E, in what appears to be a playful nod to Dogecoin.

Elon Musk, CEO of Tesla, SpaceX, and social network X, reaffirmed his support for Republican presidential candidate Donald Trump through a public message which also creatively endorsed Dogecoin. Musk, known for his innovative communication style, shared a message in the early hours today, featuring an image supporting both Trump and Dogecoin simultaneously.

In this instance, Musk showcased his creativity by proposing the creation of the “Department of Governmental Efficiency” humorously abbreviated as D.O.G.E., clearly referencing the well-known meme coin which he has supported on multiple occasions. 

While seemingly a parody, the idea behind this agency might stem from discussions Musk has had with Trump, where the tech mogul has offered insights on various topics to the former president and current candidate.

pic.twitter.com/PHPAbiYagy

— Elon Musk (@elonmusk) September 28, 2024

It remains uncertain whether this agency would be established should Trump win the presidential race, and whether Musk would participate in this initiative.

Regarding Dogecoin’s market response, unlike previous occasions where Musk’s statements have led to noticeable fluctuations in DOGE’s price, this time Musk’s announcement did not  impact its value. 

According to data from our CryptoMarkets section, the price of DOGE remains at about USD $0.12 per unit, marking a 15% decrease over the last 24 hours. However, comparing the timing of Musk’s post with market performance, Dogecoin was experiencing a notable drop at the time, which began to recover about an hour after the tweet.

This sequence of events highlights how public figures like Elon Musk can influence public perception and markets, though in this instance, the effect on Dogecoin’s value was minimal. Musk’s combination of political endorsement and cryptocurrency promotion continues to draw attention from both his followers and financial markets.