Elon Musk Dogecoin Joke Fails To Ignite DOGE Price Even As Donald Trump Considers Tesla Titan For Public Office

In an Aug. 20 post on X, Musk said he’s “willing to serve,” along with a picture of him standing at a podium with the words “D.O.G.E. – Department of Government Efficiency.”

Following the post, the price of Dogecoin registered a slight 24-hour loss to trade at $0.1046 as of 2:50 a.m. EST, perhaps signaling Musk’s waning influence on the price of the biggest meme coin by market capitalization.

Trump Willing To Offer Elon Musk A Cabinet Position

Musk’s post came in response to Trump saying that he would offer the Tesla and SpaceX founder a Cabinet position or an advisory role if he gets elected, and assuming Musk was interested.

In an interview with Reuters, the Republican nominee said that he would approach Musk for such a position “if he would do it.”

“I have discussed with Donald Trump the idea of a government efficiency commission and I would be willing to be part of that commission.”

How will the bureaucracy react?

“You’re attacking the Matrix at that point, the Matrix will fight back” – @elonmuskpic.twitter.com/ys7cbgvNoh

— Robby Starbuck (@robbystarbuck) August 3, 2024

Musk seems up for the position, and shared that he has discussed the idea of a “government efficiency commission” with Trump, adding that he “would be willing to be part of that commission.”

Dwindling Influence On DOGE

In the past, Dogecoin-related posts by Musk have had a positive short-term effect on the meme coin’s price.

This is mainly due to investors seeing any mention of DOGE on Musk’s profile as an endorsement of the crypto. 

Over time, however, the effect that Musk’s statements have on the Dogecoin price has weakened.

The recent D.O.G.E. post corroborates this, despite a very short-term bump to the DOGE price.

The meme coin titan is now trading in the red on the daily, weekly, and monthly time frames after the post was published on X. DOGE is down more than 20% in the past month.

While Musk’s influence on DOGE weakens, some analysts are recommending the Dogecoin-derivative P2E meme coin PlayDoge (PLAY) as its ICO enters its final stage.

This blockbuster presale has raised more than $6.1 million, and the project is now offering investors a last chance to buy with just 5 days left.

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