Elon Musk, CEO of Tesla and SpaceX, recently clarified his position on cryptocurrency during a political rally in Pennsylvania supporting Donald Trump. He emphasized that his involvement in the crypto space is more casual than many people believe.
Musk’s Affection for Dogecoin
“I make Dogecoin jokes and stuff because I just kind of like Dogecoin,” Musk stated, highlighting that the appeal of this cryptocurrency lies in its humor, dog-themed branding, and meme culture. His remarks come amid speculation about a potential role in a proposed Department of Governmental Efficiency, nicknamed D.O.G.E., under a future Trump administration.
Dogecoin’s Market Influence
Musk’s social media activity has significantly impacted Dogecoin’s market performance. Since he began sharing memes about Dogecoin in 2020, the digital currency has become the ninth-largest cryptocurrency by market capitalization.
Recent data from CoinMarketCap shows that Dogecoin increased by over 23% in the past week, reaching a weekly high of $0.1493. However, it remains far below its all-time high of $0.7376.
No Discussions with Trump
During the rally, Musk addressed ongoing speculation regarding his discussions with Trump about cryptocurrency policy. He reiterated his earlier statements from May, confirming that he had not had any conversations about cryptocurrency with the former president.
Musk’s comments aim to clarify his role and interests in the cryptocurrency sector, emphasizing his enjoyment of Dogecoin rather than any serious involvement in its regulation.
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