Trump has said he intends to offer Musk a role in government. Tesla CEO Doug responded by joking about MemeCoin. Musk's earlier dose quips that its price has skyrocketed.
The Trump-Musk bromance shows no signs of cooling down.
Hot on the heels of their heated chat last week, former President Donald Trump now appears ready to offer his new billionaire beau a government post if re-elected.
“He's a very smart guy,” Trump said Interview with Reuters. “I'll definitely do it. If he does, I'll definitely do it. He's a smart guy.”
Indeed, Elon Musk seized the opportunity to promote his favorite cryptocurrency, Dogecoin.
The exchange on X started when a user known as “Sir Doze of the Coin”. joked Musk was to be appointed to the “Department of Government Efficiency,” or DOGE for short.
I am ready to serve pic.twitter.com/BJhGbcA2e0
— Elon Musk (@elonmusk) August 20, 2024
I am ready to serve pic.twitter.com/BJhGbcA2e0
— Elon Musk (@elonmusk) August 20, 2024
Musk responded by calling it the “perfect name” and shared An AI-generated image at a podium with the letters DOGE printed in front of him. He captioned it, “I'm ready to serve.”
Both Trump and Musk hold significant sway in the crypto community. Their actions and comments have been credited with price increases in various tokens, particularly in the burgeoning world of political memecoins — gaining traction as the 2024 elections approach.
Politically themed tokens like MAGA (TRUMP), Doland Tremp (TREMP), and Kamala Harris (KAMA) currently boasts a Combined market cap At over $505 million, the 24-hour trading volume exceeded $136 million, according to CoinGecko.
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However, Musk's latest promotion of Dogecoin has had surprisingly little impact on the coin price – Up just 5% in last 24 hours.
This is in stark contrast to previous instances where Musk's tweets and actions have led to significant price increases. In October 2022, Dogecoin increased by over 70% When Musk finalized his purchase of Twitter, X now.
and changing the X logo to the image of the Shiba Inu dog kabosu in the Dogecoin logo in April 2023 Price sent More than 30%.
Meanwhile, Trump, who has positioned himself as a pro-crypto candidate, is doubling down on his involvement in the space, despite being skeptical in the past.
He recently spoke at a Bitcoin conference in Nashville and is preparing to launch his Fourth NFT collection. His sons are also working on a new crypto project, but few details about the project have emerged.
Crypto market movers
Bitcoin has gained 4.2% in the last 24 hours to $61,047. Ethereum is up 1.9% over the same period and is trading at $2,678.
What are we studying?
No Mention of Bitcoin in Democratic Party Platform Casts Doubt on Harris' Crypto Pivot – NewsBitcoin's post-halving price performance has been worst ever – Not boundDAOs cost millions due to voter apathy. Can tokens save them? – NewsWhy economists say the CFTC is wrong about forecasting markets – NewsSolana's Former Top Decentralized Crypto Exchange Faces SEC Securities Violations – CoinDesk
Callan Quinn is Asia Correspondent for DL News. Got a tip? Email her [email protected].
Related TopicsElan MuskDonald Trumpdose