The Tesla and SpaceX chief took time at a Pennsylvania political rally in support of Donald Trump to clarify his stance on cryptocurrency, which he claims is still mostly casual.
The Tesla and SpaceX chief took time at a Pennsylvania political rally in support of Donald Trump to clarify his stance on cryptocurrency, which he claims is still mostly casual. Speaking to speculation about his possible involvement in framing blockchain policy, Musk said his crypto involvement is not as significant as many perceive it to be.
"I make Dogecoin jokes and stuff because I just kind of like Dogecoin," Musk explained, noting the main appeal of the cryptocurrency was that it was funny, the branding was dogs, and it was a meme. Musk's comments come as there is growing talk about his potential appointment to lead a proposed Department of Governmental Efficiency under a possible Trump administration—abbreviated as D.O.G.E.
The billionaire entrepreneur’s past social media posts have greatly influenced Dogecoin’s market performance. The digital currency, currently ranked the ninth-largest cryptocurrency by market capitalization, has seen phenomenal growth since Musk first started sharing Dogecoin memes in 2020.
According to recent market data provided by CoinMarketCap, Dogecoin gained over 23% in the past week, trading to a weekly high of $0.1493. However, it is still significantly below its all-time high of $0.7376.
Musk, while at the rally, also put paid to speculation that mounted over his involvement with Trump in cryptocurrency policies. He reiterated, as he had said in May, that there had been no conversations on cryptocurrency with the former president.
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