CoinWorld reported:
Elon Musk stated over the weekend that he is not “actively involved” in cryptocurrencies. He just likes Dogecoin.
On Sunday, at a political rally in Pennsylvania supporting Donald Trump, the world’s richest person was asked if he would try to apply 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’m actually not actively involved in cryptocurrencies,” he said. “I make jokes about Dogecoin and stuff, but I love Dogecoin… because it has the best memes and dogs and everything.”
Dogecoin (DOGE) is the ninth-largest cryptocurrency by market value. The coin started as a joke and gained a significant following and surged to new highs after Tesla and SpaceX CEO Musk, who has a strong social media presence, posted memes related to the coin in 2020.
Cryptocurrencies are currently trading. According to CoinGecko data, the price of Bitcoin has surged nearly 22% above $0.14 in the past seven days. 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 that he is helping Trump shape cryptocurrency policies. In May of this year, Musk stated that he “never spoke to Trump about cryptocurrencies” after reports from Bloomberg suggested he did.
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 attempted to launch his own decentralized finance project called World Liberty Financial, although the token sale last week was unsuccessful.
Last week, Musk tweeted “D.O.G.E. will fix it,” referring to the potential government department that is being formed. Investors apparently interpreted his tweet as an endorsement of cryptocurrencies, and Musk’s comments at multiple rallies in the past few days will only further fuel the latest surge in Dogecoin.
Editor: Andrew Hayward