In 2023, Elon Musk made headlines when he publicly vowed to eat a McDonald's Happy Meal on live television if the fast-food giant adopted Dogecoin DOGE/USD as a payment method.
The idea, sparked during a Twitter exchange between Musk and anonymous Dogecoin account DogeDesigner, revived Musk’s previous proposal from January 2022.
As expected, the Dogecoin community was buzzing.
Musk’s love for the popular dog-themed cryptocurrency has been no secret.
Despite Dogecoin's surge in 2021, gaining support from celebrities like Mark Cuban and Musk himself, mainstream adoption has remained limited.
While companies like Tesla have jumped on the Dogecoin bandwagon, McDonald's has yet to take the plunge.
Meanwhile, competitors such as Burger King and Mr. Beast Burger have embraced Dogecoin as a marketing strategy.
Fast forward to 2024, and Musk's involvement with Dogecoin has taken on a more complex tone.
This time, it's not just about playful tweets and Happy Meals.
The billionaire entrepreneur is now eyeing a potential government role, advocating for an “efficiency” department that would aim to streamline federal spending.
Former President Donald Trump recently hinted at his intention to appoint Musk to head this proposed “Department of Government Efficiency,” humorously dubbed "DOGE," if he wins the upcoming election.
Also Read: Bitcoin Bulls Should Watch This Crucial Level: 10x Research
A Shift From Memes To Policy
Musk's potential new role as head of this government efficiency body has been met with mixed reactions.
Skeptics point out that Musk’s companies, including Tesla, have faced their own controversies this year, including vehicle recalls, lawsuits alleging a discriminatory work environment, and technical glitches on his social media platform, X (formerly Twitter).
However, that hasn't stopped Trump from singing Musk’s praises.
During a recent appearance at the Economic Club of New York, Trump announced, “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.”
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 Nostalgic Dogecoin Promises
While Musk is busy discussing policy and government efficiency, he hasn't lost his playful spirit when it comes to Dogecoin.
Recently, Musk reminisced 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 SOL/USD-based Popcat POPCAT/USD surged 16% and dogwifhat WIF/USD jumped by 8%, indicating a broader market recovery with Bitcoin and Ethereum also posting gains.
Whether Musk will finally have that Happy Meal on live TV or head the new ‘DOGE' department remains uncertain.
However, his unique blend of humor and policy ambitions continues to keep the crypto community and political world on their toes.
As he strikes a more serious tone about getting involved in policy, Musk still finds ways to incorporate his love for Dogecoin into the narrative.
The future of crypto and its role in government policy will be among the key topics at the Benzinga Future of Digital Assets event on Nov. 19, where industry leaders and experts will delve into how these evolving dynamics could shape the market.
Read Next:
Some elements of this story were previously reported by Benzinga and it has been updated.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
