Elon Musk, the CEO of Tesla, has once again weighed in on the crypto debate on X (formerly Twitter), explicitly endorsing both Bitcoin (BTC) and Dogecoin (DOGE) by framing their value proposition in terms of energy.
Responding to a thread about AI and monetary debasement, Musk argued that Bitcoin is valuable because it's "based on energy," making it impossible to "fake" like fiat currency. He later gave a simple "💯" approval to a community account's claim that Dogecoin is also based on energy.
The Lack of 'Musk Effect'
Despite his historical ability to move the crypto market, Musk's endorsements had a muted effect on prices this time:
- Market Conditions: Dogecoin, Bitcoin ($111k), and Ethereum (below $4k) were all trading lower, reflecting a broader "risk-off" environment that blunted the typical "Musk effect" impulse.
- Information Content: Analysts suggest the market has matured, differentiating between a high-engagement quip and a verifiable product or policy announcement. Musk's post simply acknowledged an energy-based framing and a community meme, without referencing a new X Payments feature or Tesla integration.
Dogecoin's Corporate Ambitions
Musk's comments arrive amid a separate swirl of news highlighting Dogecoin's increasing corporate interest:
- Political Buzz: Representative Matt Gaetz publicly questioned whether DOGE is "about to become the world’s great utility token."
- Public Market Pivot: The "House of Doge," described as the corporate arm of the Dogecoin Foundation, intends to list on Nasdaq via a merger with Brag House Holdings.
- DOGE Treasury: This pivot is linked to CleanCore Solutions (now branded ZONE on NYSE American), which reportedly holds over 730 million DOGE and targets up to 1 billion DOGE in the near term, aiming for "up to 5%" of the coin's circulating supply in the long run.
October 2025, Cryptoniteuae