Elon Musk’s recent use of the Doge meme has sparked speculation about his potential political ambitions, especially in the context of a Trump presidency.
Here’s some context. Elon Musk, the CEO of Tesla and SpaceX, has been actively engaging with the Dogecoin cryptocurrency community for years now, by frequently posting Doge-related memes on social media. Dogecoin is the first and most popular meme coin, that was launched as a joke back in 2013 and is a lighthearted and community-driven token that has no claims for utility or much substance for that matter.
Elon embraced the joke-coin back in 2020 and since then, he’s been the highest profile public figure to talk (or tweet) about it on the regular. His early tweets have caused many a price pump, while this year, the much anticipated Space X Doge Moon mission has failed to bring much euphoria so far. But the crypto community is watching closely, hoping that the pumps will come sooner or later (“later” is now the only hope left).
Speculation About Political Ambitions
Musk’s latest use of the Doge meme has led to discussions about his potential political aspirations. Some X users believe that Musk might leverage his platform and popularity to pursue a political role, especially given the current political climate and Trump’s ongoing influence.
Elon Musk’s Political Shift
Elon Musk, once considered a progressive and liberal figure, has in recent years shifted his political stance towards the right-wing. After a very public spat with Trump a few years back, a shift happened that sees Musk now in support of Trump, and this has changed the demographics of users on his social media platform, X (formerly Twitter). Musk has emerged as a star of the U.S. political right and is a big supporter of the former president. He recently interviewed Trump on X, a conversation that attracted a peak audience of over 1 million listeners at one point during the broadcast.
There are of course, concerns about X exercising political pressure as 65% of users on X primarily seek news content, and Musk’s tendency to suppress opposing viewpoints has sparked worries about the impact on the election. Examples with Turkey’s Erdogan presidency (where Musk was heavily involved in suppressing his opponents and ultimately aiding his re-election) and other censorship issues have been quite public at this point. Musk has altered Twitter’s content moderation policies, on the basis of free speech while simultaneously limiting the visibility of certain tweets and accounts (a.k.a. shadow-banning). This has raised concerns about a “chilling effect” on free expression, particularly for those who criticize him or his political allies. Under Musk’s leadership, Twitter has approved a significantly higher percentage of censorship requests from authoritarian governments. Reports indicate that the platform has complied with 83% of such requests, often suppressing content critical of political leaders. For example, in Turkey, Twitter banned accounts and removed tweets critical of President Erdoğan just before the presidential elections, prioritizing access to the platform over free expression. In India, which is immersed in an autocratic drift that has been choking the media, X complied with demands to remove all negative content about, or in opposition to Narendra Modi. The “free speech absolutist” stance that Musk claims to have has been questioned a lot since.
Resonating with a Younger Demographic
Back to Musk’s engagement with the Doge meme, which is seen as a strategic move that could resonate with a younger demographic. By embracing the meme culture and associating himself with Dogecoin, Musk seems to be positioning himself as an active figure in future political discussions. What’s interesting, is how X has shifted from being Left-leaning, censoring Right-wing ideology prior to Musk’s takeover, to now being Right-leaning and censoring Left-wing ideology. Same tactics, different target group. Musk’s management style has been characterized by a selective application of Twitter’s rules and algorithms, which critics argue favors his personal and political preferences. For instance, in December 2022, Musk suspended the accounts of multiple journalists who had reported critically on him or his actions, raising alarms about the platform’s commitment to free speech. Since endorsing Trump for re-election, he’s received much praise from his followers and MAGA. The rumours of a government post looming are heating up.
During a recent speech at the Economic Club of New York, Trump announced that Musk had agreed to take the lead on a “government efficiency commission” commission, which aims to conduct a comprehensive audit of the federal government and propose significant reforms to reduce expenditures and regulations.
Musk’s involvement in this potential government role has been characterized as a significant development, as it would grant him considerable influence over federal policies, particularly those affecting his businesses, including Tesla and SpaceX. Critics have raised concerns about potential conflicts of interest, given Musk’s substantial dealings with government entities and the regulatory landscape that impacts his ventures.
In response to the rumors, Musk expressed his openness to the position, stating on X, “I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed”. This collaboration between Musk and Trump marks a notable shift in their previously contentious relationship, as they have moved toward a mutually beneficial partnership in recent times.
Overall, the speculation surrounding Musk’s potential role in a Trump administration reflects broader themes of the intertwining of business and politics, particularly in the context of Musk’s influence and Trump’s approach to governance. As for the Dogecoin holders, the news cannot be any better. At this point, it’s all speculation, but this is all too familiar for any memecoin fan. After all, memecoins are only backed by speculation and hopium. If Musk gets a government post, surely the token’s price will see more hype and notoriety that can give it a much-needed boost in market value, but even this is highly questionable, so it remains purely a speculation on my part and I will not urge you to be holding the token purely on hope. If you’re not an experienced trader, better take calculated risks like with Bitcoin or other highly liquid tokens with utility.
Disclaimer: I do have DOGE in my portfolio, I bagged some last year at around $0.06 per token and I will be offloading these tokens if (or when) I see a bigger pump in the future.
☝These are my opinions, not financial advice, always DYOR.
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⚠️ DISCLAIMER ⚠️
The information contained in this video is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this post reflects solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.
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