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Elon Musk’s posts about Dogecoin (DOGE) have always created great excitement in the crypto community. Finally, Musk’s post on X (formerly Twitter) alluding to DOGE has created another stir in the Dogecoin community.
What Does Musk’s Latest Dogecoin Post Mean?
Elon Musk used the letters “DOGE” as an abbreviation for “Department of Government Efficiency” in a visual created with artificial intelligence. This statement coincides with rumors that Musk will serve in the government if Donald Trump is elected president. The post included references to both politics and cryptocurrencies.
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The Effect of the Post on DOGE Price
Following Musk’s post, Dogecoin, which was traded at $ 0.092 over the weekend, increased by approximately 6% today, rising to $ 0.098. However, although the market has been slightly bullish since the weekend, it can be said that Musk’s post has had a limited impact on the DOGE price.
Has the Impact of Musk’s DOGE Posts Diminished?
In the past, Elon Musk’s posts about DOGE would cause large and sudden increases in the price of Dogecoin. However, recently, the impact of such posts has been seen to have diminished compared to the past. Although Musk has a positive approach to Dogecoin, he has not taken any concrete steps regarding the cryptocurrency in recent years. In addition, the $258 billion lawsuit filed last year against Elon Musk and Tesla for allegedly engaging in a pyramid scam with Dogecoin was recently concluded in Musk’s favor.
These developments show that Musk’s DOGE posts no longer have as big a price impact as they used to.
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