Elon Musk (L) has endorsed Donald Trump in the November election
Elon Musk has been urging U.S. voters to pick Trump in November. AFP

KEY POINTS

  • DOGE climbed over the weekend and seemed to drag other memecoins in the Sunday rally
  • Many X users believe Musk will do the role justice due to his 'track record of innovation'
  • Others were unsure whether it was a good idea to give the tech titan such authority

Dogecoin (DOGE), the world's top crypto memecoin by market cap, has been on a roll over the weekend after X owner Elon Musk floated what could be the possible name of the commission he will lead if Republican presidential candidate Donald Trump gets elected.

Trump said late last week that he will appoint the SpaceX founder as the chief of a new commission that will monitor and audit government spending. The GOP frontrunner said Musk himself made the recommendation to set up a commission for government auditing.

Musk Teases 'D.O.G.E'

On Saturday, the tech titan posted a photo on X that showed him sitting on a desk, behind a sign that reads "D.O.G.E." The Tesla CEO captioned the photo with the words: "Department of Government Efficiency."

While Musk has recently clarified that he will not promote cryptocurrencies, "at most in a joking way," he did reiterate that he has a "soft spot" for DOGE because of his love for dogs and memes.

DOGE Bounces Back to the Green

Dogecoin has been in the red in recent weeks amid a broader memecoin market slump. However, it climbed in recent days following Trump's announcement regarding Musk's potential role if he returns to the White House.

On Saturday, DOGE spiked and steadily rose throughout Sunday. The token rallied in the green late Sunday night, and data from CoinGecko shows that memecoin has been on an upward trend in the last 24 hours.

Dogecoin price late Sept 8 2024
Dogecoin steadily climbed over the weekend following Elon Musk's D.O.G.E post. CoinGecko

Other memecoins in the top 10 of CoinGecko's largest tokens by market value also climbed within the past day, including Pepe and Brett, which climbed 3.6% and 4.6%, respectively.

Memecoin prices late Sept 8 2024
Most memecoins on the top 10 list of CoinGecko's ranked tokens climbed in the last 24 hours. CoinGecko

X Users Welcome the Idea

X users took to the comments section of Musk's post, with one user saying she thinks it is the "best idea" to have entrepreneurs who know "how to handle money."

One user said Musk's "track record of innovation and disruption" will surely be beneficial to a government auditing commission. "Musk could bring bold ideas to streamline government operations, cut red tape, and drive efficiency."

Another user urged Musk to "drain the swamp," and well-followed @songpinganq warned the tech mogul to "beef up" his security since "the immune system response" for a commission that will clean up shop won't be good.

Other X Users Slam Musk-Led Commission

While many X users seemed open to the idea of a Musk-led government department, others had doubts. Software architect Per Arneng pointed out that efficiency isn't all to run a government department. He argued that "short-term cuts" may be a cash saver, but it is often at the cost of jobs and essential services.

Web3 developer Alex Ramirez said it "feels odd" to see someone given so much power, even if he wasn't voted for by the people.

Luke Zaleski, the former head of research, reporting, and fact-checking for GQ Magazine, said Musk's photo is "what a con looks like." He said the U.S. will "never" get back the government once it is "surrendered" to the tech executive.

There are less than two months left before the November election. The latest polls reveal that Democratic presidential nominee and Vice President Kamala Harris has a narrow lead over Trump.

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