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Elon Musk has declared the Shiba Inu dog, the official mascot of his new Department of Government Efficiency, to be the DOGE symbol. This announcement followed a little increase in the price of Dogecoin caused by an earlier tweet that included an AI-generated picture of Musk with the acronym "DOGE."
Elon Musk Designates "Doge" as the Department of Government Efficiency's Official Mascot
Elon Musk recently revealed a major branding change for his proposed Department of Government Efficiency (DOGE) in a post on the social media network X, which was once Twitter. Musk declared that the official mascot will, of course, be the Shiba Inu dog, a symbol that is well-known in popular culture because of its connection to the meme-inspired cryptocurrency Dogecoin.
Elon has been utilizing the acronym DOGE to subtly connect his governmental reform projects with popular culture. He did this most recently with a post that featured an AI-generated image of him with a Shiba Inu.
Furthermore, allegations that Tesla and Elon Musk misled investors with their Dogecoin marketing were recently rejected by a court. Musk has described Dogecoin as the "future currency of Earth" on social media, but the U.S. District Court for the Southern District of New York determined that these claims are aspirational rather than real.
In addition, the plaintiffs had charged Musk and Tesla with insider trading in relation to Dogecoin as well as a "pump and dump" plan. But the court came to the conclusion that there was insufficient evidence to support these accusations. Musk has continued to support Dogecoin as a top memecoin in light of this ruling.
These events come after Elon Musk recently revealed that he would love to audit US federal agencies. If Donald Trump wins the 2024 U.S. presidential election, the tech tycoon is expected to play a significant role.
DOGE Price Increases Due to Elon's Support
Dogecoin has experienced a noticeable rise in trading activity and market interest since Musk's comments. The price has risen to $0.097, up 1.7% in the last day, as a result of the recent tweet.
Following recent endorsements, CoinGape Price analysis suggests that the price of DOGE may reach the 160-day barrier as it approaches a resistance level at $0.1.
The price chart of Dogecoin initially displays a bearish trend, culminating at just under $0.098 after Musk's affirmations. This was followed by a significant positive reversal. This change was accompanied by a gain in market capitalization of 1.84% and an increase in trading volume of 13.75%, indicating significant market participation.