Musk Says He’s Not Involved in Crypto, Just Likes Dogecoin

At a pro-Donald Trump rally in Pennsylvania on Sunday, Elon Musk addressed his connection to cryptocurrency, clarifying that he isn’t “actively involved” in the space but still enjoys Dogecoin (DOGE). While Musk has long been known for his playful support of Dogecoin, he used the rally to explain that his relationship with the meme coin is mostly lighthearted.

Musk, the world’s richest man and a longtime Dogecoin fan, told the audience that he’s not trying to integrate blockchain technology into government. Instead, he just likes the coin for its humorous appeal, noting that Dogecoin has “the best sense of humor” and combines two of his favorite things: dogs and memes.

Musk and Trump’s “D.O.G.E.” Department

Musk’s comments came after Donald Trump teased the possibility of Musk leading a government efficiency commission if the former president wins the upcoming election. The commission, humorously dubbed the Department of Governmental Efficiency (D.O.G.E.), plays on Musk’s well-known affection for Dogecoin.

Musk, however, distanced himself from any deep involvement in crypto policy, saying, “I make Dogecoin jokes and stuff because I just kind of like Dogecoin.” He added that his support stems from its lighthearted nature rather than any active participation in the cryptocurrency world.

Dogecoin’s Recent Surge

Despite Musk’s self-declared detachment from active crypto involvement, his comments continue to have a notable impact on the market. Dogecoin—the ninth-largest cryptocurrency by market cap—shot up nearly 22% over the past week, trading above $0.14, according to CoinGecko. Although the price is still well below Dogecoin’s all-time high of $0.73 from 2021, it reached a four-month peak during the recent spike.

Musk’s support has played a significant role in Dogecoin’s rise since 2020, when he began posting memes related to the coin. The latest price surge followed his tweet, “D.O.G.E. will fix it,” a playful nod to Trump’s proposed governmental department. Investors seemingly interpreted the tweet as an endorsement, further driving Dogecoin’s recent rally.

Musk’s Involvement in Crypto Policy

This isn’t the first time Musk has downplayed rumors about his involvement in crypto policy. Back in May, he refuted claims that he had discussed crypto with Trump, following a report by Bloomberg. Despite the speculation, Musk has remained clear that his involvement in crypto remains light and mainly tied to Dogecoin.

Meanwhile, Donald Trump has emerged as an enthusiastic supporter of the digital asset sector, promising to support Bitcoin and bring more regulatory clarity if elected. Trump has even launched his own DeFi project, World Liberty Financial, though its recent token sale was a bust.

Conclusion

While Elon Musk remains a casual Dogecoin supporter, his playful endorsements continue to impact the market. As Dogecoin enjoys another surge, Musk has made it clear that his interest in the cryptocurrency remains rooted in its humorous charm, rather than any deeper involvement in crypto policy. Nevertheless, his comments at rallies and online are still pushing Dogecoin to new heights, much to the excitement of its community