Elon Musk, an ardent supporter of Dogecoin, has reacted to recent reports suggesting he has been in regular communication with Russian President Vladimir Putin as he campaigns for Donald Trump.
According to The Wall Street Journal, Musk has maintained contact with Putin, discussing a range of topics including personal matters, business dealings, and geopolitical issues. Notably, the report states that Putin had requested Musk not to activate the Starlink satellite internet service over Taiwan as a favor to China. Despite having security clearance for classified information related to SpaceX and its business dealings with U.S. military and intelligence agencies, Musk has dismissed concerns raised by officials regarding his communications with Putin.
In response to the allegations, Musk indicated that this was another attempt to undermine Trump’s re-election campaign, following the failure of past accusations, such as those likening Trump to Hitler. Musk has significantly backed Trump’s 2024 campaign, having donated over $118 million to his political action committee, America PAC, with an additional $44 million pledged recently.
In the context of U.S.-Russia relations, Musk remarked, “Putin must not want Trump elected,” amid discussions regarding a reported $10 million payment from Russia to a politically affiliated firm. Trump has advocated for an end to the ongoing Russia-Ukraine war, a sentiment that Putin welcomed during the BRICS Summit, indicating sincerity in Trump’s approach.
Dogecoin Price Poised for a Surge
As Musk’s political endeavors unfold, investor interest in Dogecoin (DOGE) has been rekindled. Currently trading at $0.1386, DOGE has shown notable upward momentum in the past 24 hours, particularly as whales accumulate the coin. The anticipation surrounding the proposed Department of Government Efficiency (DOGE) and the possibility of Musk securing a significant role in a future Trump administration has fueled optimism for DOGE reaching $1.
In the derivatives market, total DOGE futures have seen a slight decline of 2% over the past day as traders reassess their positions in light of an impending crypto expiry. However, total open interest in DOGE futures remains robust, with approximately 6.74 billion DOGE valued at around $931.79 million currently held.
As the political landscape evolves, Musk’s actions and endorsements could have profound implications for both his financial interests and the future of cryptocurrency.
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