“I just like Dogecoin”: Elon Musk raises meme coin to 4-month high

Elon Musk said over the weekend that he is not “actively involved” in cryptocurrency. He just likes it Dogecoin.

At a political rally for Donald Trump in Pennsylvania on Sunday, the world’s richest man was asked if he would try to push for the use of blockchain technology in government.

Musk is now an outspoken Republican and is backing former President Trump for another term in the White House. Trump said Musk, a longtime fan of Dogecoin (DOGE), could head a government efficiency commission called the Department of Government Effectiveness (DOGE) if he takes office next month.

“I’m not really actively involved in cryptocurrency,” he said. “I joke about Dogecoin and stuff because I just like Dogecoin—because it has the best sense of humor and has dogs and memes and I like all those things.”

Dogecoin (DOGE) is the ninth largest cryptocurrency by market capitalization. Initially created as a joke, the coin gained a large following and grew to new highs after Tesla and SpaceX CEO Musk began posting memes related to the coin back in 2020.

Cryptocurrency is I’m trading now The price above $0.14 is up nearly 22% in the last seven days, according to CoinGecko. It’s still well below its 2021 all-time high of $0.73, but hit a four-month high during the weekend surge.

This is not the first time SpaceX CEO Musk has dismissed rumors that he is helping Trump with crypto policy. Back in May Musk said He ‘never discussed cryptocurrency’ with Trump after Bloomberg the article reported that he did.

Republican nominee Trump has been enthusiastic about the digital asset sector, promising to help Bitcoin grow and bring greater regulatory clarity in the United States. It also launched its own decentralized finance (DeFi) project called World Liberty Financial, although its token sale failed last week.

Price LONGER thundered Last week, Musk tweeted, “DOGE will fix this,” referring to a potential new government agency. Investors apparently interpreted his tweet as support for the cryptocurrency, and Musk’s comments at multiple rallies over the past few days have only fueled Dogecoin’s latest rally.

Edited by Andrew Hayward