Elon Musk's Dogecoin Saga Takes a New Twist as He Eyes Potential Government Role

The billionaire entrepreneur is now eyeing a potential government role, advocating for an “efficiency” department that would aim to streamline federal spending.

Elon Musk is set to spearhead a government efficiency commission if former President Donald Trump wins the upcoming election, and the billionaire entrepreneur has suggested that the meme coin Dogecoin could become its mascot.

Musk has been a vocal supporter of Dogecoin for several years, and his tweets about the cryptocurrency often have a major impact on its price.

In 2023, he proposed that McDonald's should accept Dogecoin as a payment method, and the fast-food giant would get a name-check in return and Musk would eat a Happy Meal on live television.

The idea sparked a buzz among the Dogecoin community, given Musk's past efforts to integrate the cryptocurrency into mainstream companies.

While Tesla began accepting Dogecoin for merchandise purchases, and competitors like Burger King accepted the meme coin as part of a marketing campaign, mainstream adoption has been limited despite pitches from the Dogecoin community.

Now, Musk is shifting from playful tweets and Happy Meals to a potential role in government, advocating for an “efficiency” department that would aim to streamline federal spending.

Trump hinted at appointing Musk to head this proposed “Department of Government Efficiency,” humorously dubbed "DOGE," if he wins the upcoming election.

Musk later confirmed his interest in the project, adding that “deregulation and reduction of wasteful government spending” could lead to “a tremendous amount of growth and opportunity.”

Musk's potential new role has sparked mixed reactions, especially considering that his companies, including Tesla, faced controversies this year, ranging from vehicle recalls and lawsuits alleging a discriminatory work environment to technical glitches on his social media platform, X (NYSE:XLY) (formerly Twitter).

However, that hasn't stopped Trump from praising Musk during a recent appearance at the Economic Club of New York.

"I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government. Musk has agreed to head that task force," Trump announced.

Musk also expressed interest in the project, adding that “deregulation and reduction of wasteful government spending” could lead to “a tremendous amount of growth and opportunity.”

On the other hand, Musk didn't lose his playful spirit when it comes to Dogecoin, recently reminiscing about his “Dogefather” appearance on “Saturday Night Live” in 2021, a moment that marked Dogecoin's meteoric rise to an all-time high of $0.7375.

"There’s a bunch of things I said that were just not there in the script,” Musk recalled during a chat on the All-In Podcast. “I went off the rails,” he admitted. Musk also expressed his desire to recreate a scene from “The Godfather,” adding his characteristic flair to the conversation around Dogecoin.

Following Musk's nostalgic musings, Dogecoin saw a surge of over 6%, reaching levels not seen in nearly two weeks.

Its trading volume soared by 52% to $659 million, solidifying its position as the most traded meme-inspired cryptocurrency in the past 24 hours.

Musk even joked on X that Dogecoin could be the mascot for his proposed Department of Government Efficiency, adding fuel to the Dogecoin hype train.

Meanwhile, the meme coin frenzy extended beyond Dogecoin, as Solana Popcat saw a 16% surge and dogwifhat WIF jumped by 8%, indicating a broader market recovery with Bitcoin and Ethereum also posting gains.