Elon Musk, Tesla CEO and one of the world’s richest people, has publicly supported former President Donald Trump and his favorite cryptocurrency, Dogecoin (DOGE). In a post on X (formerly Twitter), Musk shared a poster of himself and Trump posing in front of the White House, both wearing cool sunglasses. It was the first time Musk had linked Trump and Dogecoin in a conversation, generating widespread interest across social media platforms.
Musk and Trump: A Unique Partnership
Musk’s post didn’t stop at showing support; he also mentioned Trump’s ambitious plan to create the Department of Government Efficiency (D.O.G.E.), hinting that he would lead the commission if Trump is re-elected. Musk described the initiative as “epic,” blending his tech-savvy persona with political aspirations. Many analysts believe Musk’s endorsement is a strategic move to revive enthusiasm around Dogecoin, which has seen fluctuating interest in recent months.
Trump's Vision for a Cost-Saving Alliance with Musk
During a rally in Michigan on Friday, Donald Trump announced his intention to appoint Elon Musk as the nation’s “cost-cutter” if he is re-elected. Trump praised Musk’s ability to streamline operations and cut costs, though he acknowledged that Musk’s busy schedule with companies like SpaceX may limit his availability for the role. “I’m going to get Elon, and he’s very good at this, he’s going to be our cost-cutter,” Trump said, emphasizing Musk’s potential to increase government efficiency without adding to the national budget.
Dogecoin: Rollercoaster Ride Amid Political Support
Dogecoin has had a torrid ride in the cryptocurrency market. Over the past 30 days, DOGE has seen an impressive rally, rising by over 21.54%. Currently, Dogecoin is trading at around $0.1233, a significant drop of 82% from its all-time high of $0.7376 reached in May 2021.
Elon Musk has been a key figure in promoting Dogecoin, using his platform to boost its visibility. In 2022, he announced that Tesla would accept DOGE as payment for rides on the Las Vegas Loop transit system, and the company also began accepting Dogecoin for some merchandise. Musk’s latest endorsement, coupled with Trump’s political support, could provide a fresh boost to Dogecoin’s popularity. However, the cryptocurrency community remains wary, watching closely to see if these high-profile partnerships can sustain Dogecoin’s momentum in a volatile cryptocurrency market.
