Musk posts Dogecoin picture to promote Trump, no effect on crypto

Musk’s Dogecoin post: Billionaire entrepreneur Elon Musk once again made waves on social media by sharing an image on his official X (formerly Twitter) account, linking Dogecoin (DOGE) with the Presidential candidate Donald Trump. The image, titled "D.O.G.E." with the subtext "Department of Government Efficiency," features both Musk and Trump wearing dark sunglasses, posing in front of the US flag and the White House. A Shiba Inu, the breed associated with the Dogecoin meme, is also featured in the graphic.

This tweet marks another instance where Musk has used his platform to highlight the cryptocurrency Dogecoin. Known for his previous influence on the cryptocurrency's price movements, Musk's comments and actions related to Dogecoin have often led to spikes or dips in its value. 

However, despite this latest post, Dogecoin has shown no significant movement in its value following the tweet. At the time of writing, the meme-based cryptocurrency has declined by 1.8 per cent in the last 24 hours. 

Whereas, the crypto token has surged as much as 21.60 per cent over the last 30 days with nearly 16 per cent gains in the last seven days only. For the last one year, the token has given over 100 per cent returns to its investors. 

Musk has been a vocal supporter of Dogecoin and often references the cryptocurrency in jest, frequently calling it the "people’s crypto." As of now, neither Musk nor Trump has provided further clarification on the meaning behind the image.