Dogecoin Reserve Speculation Increases After Elon Musk's Post

Bittime - Elon Musk is back in the spotlight. The CEO of Tesla and SpaceX sparked widespread speculation in the market with his latest post on the social media platform X on December 31. 

The post featured an image of a dollar bill with the logo of a Shiba Inu dog, Dogecoin's mascot, replacing George Washington's face. This post immediately sparked debate among crypto observers, with suggestions that Musk may be hinting at plans to establish a national Dogecoin reserve.

Elon Musk's Support Strengthens Dogecoin

Elon Musk is known as a staunch supporter of Dogecoin, a meme-themed cryptocurrency that has attracted global attention. Previously, Musk had voiced his support through various statements and actions, including integrating Dogecoin payments in several Tesla services. 

In this context, Musk's latest post further strengthens the positive sentiment towards Dogecoin.

Interestingly, the image shared in the post turned out to be an old sticker stored on Musk's laptop. 

This sticker was a gift from a German citizen about three years ago. Even though it looks simple, the symbolism in the image is the subject of serious discussion in the market.

Read also: Dogecoin Price and Double-Digit Target: Could It Happen in 2025?

Dogecoin Price Movement

After Musk's post, the price of Dogecoin recorded a slight increase. At the time this article was written, the price of Dogecoin was at $0.3207 (around IDR 5,199) with a daily increase of 0.04%. 

The price range in the last 24 hours was recorded between $0.3065 (around Rp. 4,965) to $0.322 (around Rp. 5,216). Although this move looks small, market speculation suggests the potential for further upside.

The latest analysis from CoinGape reveals that Dogecoin has a chance to reach the price of $20 (around IDR 324,000) in this bullish cycle. Factors such as anticipation of a broader crypto market rally and Musk's support are the main drivers of this optimism.

Read also: How to Choose a Dogecoin Wallet for Beginners, It's Easy!

Elon Musk Dogecoin Proposal Formation Signal

Speculation about the creation of a national Dogecoin reserve grew stronger against the backdrop of Musk's previous statements about government efficiency. 

In fact, Musk once proposed the idea of ​​a "Department of Government Efficiency" (D.O.G.E.) under the leadership of V. Ramaswamy to overcome the US debt crisis worth $36 trillion (around Rp. 583,200 trillion). 

Support for Dogecoin is considered to be in line with Musk's vision of creating a more efficient and inclusive system.

FAQs About Dogecoin

What is Dogecoin? 

Dogecoin is a meme-based crypto asset that was originally created as a joke in 2013.

Why does Elon Musk support Dogecoin? 

Elon Musk often calls Dogecoin the “people's cryptocurrency” because of its low transaction fees and inclusive community. 

Is Dogecoin a good investment? 

Like all crypto assets, Dogecoin carries high risks due to its volatility. Before investing, it is important to understand the crypto market and conduct in-depth research.

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Reference 

Coingape, Elon Musk Shares DOGE Post Sparking Dogecoin Reserve Speculations, accessed January 1, 2025.

coinmarketcap, Dogecoin Coinmarketcap, accessed January 1, 2025.

Author: Y