Elon Musk supports Trump and Dogecoin via his Department of Govt Efficiency

Elon Musk, CEO of Tesla, expressed his support for US presidential candidate Donald Trump and endorsed his preferred cryptocurrency, Dogecoin (DOGE), in a recent post. The post also referenced Trump's proposed plan to establish a government efficiency commission led by Musk if re-elected.

Musk has previously advocated for DOGE, suggesting the creation of a Department of Government Efficiency (D.O.G.E.) that he described as "epic." This marks the first time the world's richest person has mentioned DOGE and Trump in the same context.

Musk's recent efforts to revive the Dogecoin rally have not been successful.

Musk and Trump Collaboration

Musk shared a poster on featuring himself and Trump posing together in front of the White House. Notably, Musk introduced Doge in this post, leading many to believe he is attempting to reignite interest in the meme coin on social media.

Trump's Endorsement

Donald Trump stated at a rally in Michigan that he would appoint Elon Musk as the country's "cost cutter" if elected. Trump acknowledged that Musk may not be able to fulfill this role full-time due to his other commitments.

The former president added that Musk would perform this task without compensation out of patriotism. Tesla CEO's recent poster aligns with Trump's statement.

Dogecoin's Potential

The inclusion of DOGE in the campaign is not unexpected for the crypto community. Digital assets have become a prominent topic in the 2024 US elections.

Musk's endorsement of Trump and his proposal for Musk to lead a cost-cutting authority could provide a platform for DOGE to regain momentum.

Musk has consistently promoted Dogecoin through various channels. In 2022, he announced that his company would accept DOGE for rides on its Las Vegas transit system Loop. Tesla also accepts the meme coin for certain merchandise.

Dogecoin's Performance

Dogecoin has experienced an upward rally of over 22% in the last 30 days. However, it has declined by 5% in the past 60 days.

Following Musk's poster release, DOGE's price witnessed a slight surge. At press time, Dogecoin is trading at an average price of $0.123, down by 83% from its all-time high of $0.73 set on May 8, 2021.