Elon Musk Appoints Shiba Inu Dog 'Doge' as Mascot for Efficiency Department

Elon Musk has announced the Shiba Inu dog, known as "Doge," as the official mascot for his proposed Department of Government Efficiency (DOGE). This decision follows a recent tweet featuring an AI-generated image of Musk and the acronym "DOGE," which briefly boosted Dogecoin’s price.

In a post on X (formerly Twitter), Musk confirmed the Shiba Inu dog, emblematic of the Dogecoin cryptocurrency, as the mascot for his new department. The DOGE acronym cleverly links Musk’s governmental reform plans with popular culture. This branding move is part of Musk's broader efforts to integrate his initiatives with current trends.

Recent court proceedings have dismissed claims against Musk and Tesla regarding misleading Dogecoin promotions. The U.S. District Court for the Southern District of New York ruled that Musk's social media statements about Dogecoin being the "future currency of Earth" were aspirational and not misleading. Allegations of a "pump and dump" scheme and insider trading related to Dogecoin were found to be unsubstantiated.

Read more: Musk: Starship to Land on Mars Within Two Years, Mars City to Be Built in Twenty Years – What Role Will Blockchain Play?

Impact on Dogecoin Price

Musk’s endorsements have led to a surge in Dogecoin trading activity. The recent tweet has driven the price to $0.097, a 1.7% increase in 24 hours. The price is approaching a resistance level at $0.1. CoinGape Price analysis suggests the possibility of Dogecoin reaching a 160-day barrier due to recent endorsements.

The price chart indicates an initial bearish trend that dropped to around $0.09555, followed by a bullish reversal peaking just under $0.098. This trend is accompanied by a 13.75% increase in trading volume and a 1.84% rise in market capitalisation, reflecting increased market engagement.

While Musk's initiatives and endorsements bring attention to Dogecoin, they also highlight the volatility and speculative nature of cryptocurrency markets, emphasising the need for caution in investments influenced by high-profile endorsements.