In 2023, Elon Musk made headlines when he jokingly promised to eat a McDonald’s Happy Meal on live television if the fast-food giant adopted Dogecoin as a payment method. This playful challenge, sparked by a Twitter exchange with an anonymous Dogecoin account, reignited a proposal Musk had made in January 2022. The Dogecoin community buzzed with excitement, as Musk’s love for the popular dog-themed cryptocurrency is well-known. Despite Dogecoin’s surge in popularity in 2021, gaining support from celebrities like Mark Cuban and Musk himself, mainstream adoption has remained limited. While companies like Tesla have embraced Dogecoin, McDonald’s has yet to jump on board, while competitors like Burger King and Mr. Beast Burger have already used Dogecoin as a marketing strategy.
Fast forward to 2024, and Musk’s involvement with Dogecoin has taken on a more serious tone. It’s no longer just about playful tweets and Happy Meals. The billionaire entrepreneur is now considering a government role, advocating for an “efficiency” department to streamline federal spending. Former President Donald Trump recently hinted at appointing Musk to head this proposed “Department of Government Efficiency,” jokingly dubbed ‘DOGE,’ if he wins the upcoming election. Musk’s potential new role has sparked mixed reactions. Skeptics point to controversies surrounding Musk’s companies, including Tesla’s vehicle recalls, lawsuits alleging a discriminatory work environment, and technical glitches on his social media platform, X (formerly Twitter). However, Trump has been vocal in his support for Musk, praising his potential contribution to government efficiency.
While discussing policy and government efficiency, Musk hasn’t lost his playful side when it comes to Dogecoin. Recently, he 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, adding that he “went off the rails.” He even expressed his desire to recreate a scene from “The Godfather,” further adding his characteristic flair to the conversation around Dogecoin. These nostalgic musings led to a surge in Dogecoin’s value, with the cryptocurrency seeing a 6% increase and its trading volume soaring by 52% to $659 million. Musk even joked on X that Dogecoin could be the mascot for his proposed Department of Government Efficiency, further fueling the Dogecoin hype train. This meme coin frenzy also extended beyond Dogecoin, with Solana-based Popcat surging 16% and dogwifhat jumping by 8%, indicating a broader market recovery with Bitcoin and Ethereum also posting gains.
Whether Musk will fulfill his Happy Meal promise or lead the ‘DOGE’ department remains to be seen. However, his unique blend of humor and policy ambitions keeps both the crypto community and the political world on their toes. As he takes a more serious approach to government efficiency, 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 a key topic at the Benzinga Future of Digital Assets event on November 19, where industry leaders and experts will discuss how these evolving dynamics could shape the market.
