CoinJedi reports:
Over the weekend, Elon Musk stated that he is not “actively involved” in cryptocurrency. He simply has a liking for Dogecoin.
On Sunday, at a political rally supporting Donald Trump in Pennsylvania, the world’s richest man was asked if he would consider applying blockchain technology to the government. Musk is now an outspoken Republican and supports former President Trump’s re-election. Trump stated that Musk is a long-time fan of Dogecoin (DOGE) and if he takes office next month, he may lead a government efficiency committee called the Department of Government Efficiency (D.O.G.E.).
“I actually don’t have an active involvement in cryptocurrency,” he said. “I make jokes about Dogecoin and things like that because I kind of love Dogecoin – it’s got the best memes, it’s got dogs, and it’s got memes of dogs. I love all those things.”
Dogecoin (DOGE) is the ninth largest cryptocurrency by market capitalization. The coin started off as a joke but gained a large following and soared to new highs with the help of Tesla and SpaceX CEO Musk after he started posting memes related to the coin in 2020.
Cryptocurrencies are now trading. According to data from CoinGecko, the price of Bitcoin has surged nearly 22% in the past seven days, trading at over $0.14. It is still far below its all-time high of $0.73 in 2021 but reached a four-month peak during the weekend surge.
This is not the first time SpaceX CEO Musk has denied rumors of his involvement in shaping cryptocurrency policies with Trump. In May of this year, Musk stated that he “never talked about cryptocurrency with Trump” after going through a period where Bloomberg reported that he did.
Former Republican candidate Trump has come out in favor of the digital asset industry, promising to help Bitcoin thrive in the United States and gain more regulatory clarity. He also had his own failed project, a decentralized finance initiative called World Liberty Financial, which had a token sale last week.
The price of DOGE skyrocketed last week when Musk tweeted “D.O.G.E. will fix it,” referring to the potential government department being established. Investors evidently interpreted his tweet as an endorsement of cryptocurrency, and Musk’s comments at multiple rallies over the past few days will only further fuel the latest surge in Dogecoin.
Editor: Andrew Hayward
