Elon Musk's DOGE Post Creates a Stir: Is Dogecoin the Next Reserve Asset?

Elon Musk, a technology entrepreneur and billionaire, has caused a frenzy with his post on X. Musk shared a photo of his laptop with a dollar bill sticker featuring the Dogecoin-dog logo. The post immediately sparked a debate about the suggestions Musk might be making for the cryptocurrency community. What drives this speculation? It is worth noting that the face of George Washington has appeared on the one-dollar bill since 1896, but the photo Musk shared is of a Shiba Inu dog breed. According to Musk, he has owned the photo for about three years as a gift. “This is my laptop. It’s about 3 years old. A guy in Germany gave me this awesome sticker, so I don’t want to upgrade it and lose that sticker,” he wrote. The banknote has the words ‘Dogecoin Reserve Note’ at the top. This has led many people in the community to speculate about the possibility of a Dogecoin (DOGE) reserve currency soon. These speculations stem from Musk’s previous posts supporting memecoins. Increasing Impact of Dogecoin on Musk’s Relationships In addition to sharing memes about DOGE, his car manufacturing company, Tesla, accepts DOGE as a payment method for some of its products. Therefore, sharing the Dogecoin Reserve Note in the post to his over 209 million followers is understandable to have caused a stir, especially among cryptocurrency enthusiasts. Furthermore, the purposeful investment portfolio selection of Elon Musk, the Department of Government Efficiency (DOGE) under President Trump, further fuels positive sentiment toward this department has received support from notable stakeholders in the cryptocurrency field. And every time his position is mentioned, it draws attention to the memecoin. Analysts believe that such subtle support could boost market sentiment and trigger a price hike. Interestingly, Musk made a mysterious statement last month, ‘Starting to feel like DOGE might be my fav cryptocurrency. It’s pretty cool.’ Market Psychology and Price Impact What Musk may have planned or whether DOGE will benefit the new government is still uncertain. However, his attention to this token may push the price up. As of writing this article, DOGE is being traded at $0.3245, up 4.44% in the past 24 hours. Its market volume has recorded a 15.99% increase to $2.5 billion. The community expects more profits in the coming days. DYOR! #BtcNewHolder #Write&Earn $DOGE {spot}(DOGEUSDT)