Elon Musk is best known for saying "to the Moon" with Dogecoin tweets in the past, but his latest endorsements behind the cryptocurrency industry significantly helped boost its numbers as the week comes to its start. Top cryptocurrencies in the market are seeing positive turnouts after previously breaking through the massive downs they faced in the past months and are only recovering now.
It is known that Musk has since been a crypto believer and supporter, particularly for DOGE, but his newest claims are showing the tech executive in a new light, yet again reclaiming his spot as a prominent cryptocurrency figure.
Elon Musk's Crypto Endorsement Boosts Top Coin Prices
A statement by Elon Musk to the audience at Donald Trump's campaign in Pittsburgh shared his latest stance on the cryptocurrency industry, and this led to a significant boost to the market, especially with the top coins' prices. His answers to the many questions audience members threw at him, led to a significant positive performance in the crypto market.
Musk's renowned crypto stance drove Bitcoin to a climb towards $68,000 with a 5.42 percent increase in the past week, and this also helped Ethereum rally to around $2,700, having a beneficial effect on the top coins.
Perhaps the biggest gainer in the market now is Dogecoin, a cryptocurrency that Musk is known for backing online and with his many companies like Tesla and SpaceX, with the meme crypto seeing its climb to the eighth spot, valued at $0.1426 with a 26.25 percent rise in the last seven days.
Crypto Future from Donald Trump and Elon Musk
Elon re: Crypto pic.twitter.com/lloHDbhSa1
— Kim Runner (@kimrunner) October 20, 2024
The campaign had Musk reveal that he believes that the crypto industry is "probably valuable," and he regarded the decentralized tokens to be key to helping "individual freedom."
Despite being known for his support, Musk also claimed that he was not "actively involved" in cryptocurrency, but it is known for its effect on DOGE. Alongside this, the politician to which Musk expressed his support is Trump who recently had a newfound focus on crypto, launching his decentralized finance platform with his family known as World Liberty Financial.
Furthermore, Musk already agreed to lead the Department of Government Efficiency (DOGE) under the Trump administration, should he win the US elections.
Elon Musk and His Crypto Impact
Elon Musk and his tweets (now posts on X) have had massive impacts on the many industries present, but more importantly, on cryptocurrency where the executive is responsible for significant changes in the market. Musk has no affiliations to Dogecoin apart from his utmost belief and support for the coin, and he has helped rally it to the top ten cryptocurrencies in the market.
Previously, Musk and Tesla welcomed Bitcoin or Dogecoin payments for purchasing electric vehicles from the company, among one of the most prominent tech companies to ever do so. Despite being an avid believer of crypto, Musk previously expressed his distaste for Bitcoin amidst the controversies it faced like the wasteful mining process, saying that DOGE is better.
Despite being long silent about cryptocurrencies over the past, Musk still expressed his support for Dogecoin by casually talking about it, and there are still plans to literally send DOGE-1 to the moon in the future. Dogecoin aside, Musk's recent statement regarding the crypto industry during Trump's rally has been the key factor in cryptocurrency's notable rise in the present, showing his support for the coins.
Related Article: Elon Musk: No Crypto on X Payments, a.k.a. the ‘Venmo-Like’ Service
