Elon Musk Hints at Dogecoin Support, While MicroStrategy ex-CEO Subtly Backs Bitcoin—A Dual Endorsement Shakes the Crypto World
Once again, Elon Musk has indirectly endorsed Dogecoin but failed to trigger a spike in its trade price. Meanwhile, Michael Saylor, the former CEO of MicroStrategy, also adopted Musk’s strategy to promote Bitcoin.
On 12 Sep 2024, Elon Musk, a well-known fan of Dogecoin, tweeted “Department Of Government Efficiency,” indirectly referencing Dogecoin (DOGE) by abbreviating the words. This subtle nod clearly represents the Dogecoin cryptocurrency.
Some major media outlets reported that Musk had accepted former U.S. President Donald Trump’s exclusive proposal to chair a “government efficiency” council. However, Musk is known for juggling multiple roles at once, so there’s no need for confusion.
Bitcoin maximalist and advocate Michael Saylor, the former CEO of Bitcoin-bull firm MicroStrategy, mimicked Musk’s style by tweeting “Banish Tedious Complexity,” which abbreviates to BTC, promoting Bitcoin.
Other crypto users on X (formerly Twitter) have also joined the trend by endorsing Ethereum (ETH) in a similar manner.
Dogecoin fan Elon Musk
Elon Musk has long been a vocal supporter of Dogecoin, often referring to it as his favourite cryptocurrency. His tweets and comments about Dogecoin have significantly influenced its popularity and price in the past. Musk has even hinted at integrating Dogecoin into some of his ventures, reinforcing his status as one of its biggest fans in the crypto world.
Dogecoin Price Action
Following Musk’s tweet, Dogecoin’s trade price did not show any sudden spike. This suggests that either the Dogecoin community failed to catch the reference or Musk’s influence over Dogecoin may be fading.
The current trade price of Dogecoin is $0.1 which represents 1.47% increase in price over the last 24 hours, with no significant movement in its price graph.
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