Elon Musk’s Secret Talks with Putin Stir Dogecoin (DOGE) Surge Amid Trump Campaign Boost

Elon Musk, a prominent supporter of Dogecoin and CEO of Tesla, has been reportedly engaging in consistent communication with Russian President Vladimir Putin, according to a recent article by The Wall Street Journal. This development comes amidst Musk’s active support for former U.S. President Donald Trump as he campaigns for re-election. Despite the implications of such communications, Musk has not positioned himself as an apologist, finding himself scrutinized by both American and Russian authorities.

In a move that underscores his political involvement, Musk recently contributed an additional $45 million to his political action committee, America PAC. This brings his total financial support to the organization, which is devoted to Trump’s re-election, to approximately $120 million. This substantial contribution highlights Musk’s significant role in the political landscape as the presidential race intensifies.

The Wall Street Journal’s report, dated October 25, draws from sources among current and former officials in the United States, Russia, and Europe, indicating that Musk and Putin have discussed a range of subjects, spanning personal interests, business ventures, and geopolitical issues. A notable point of discussion was a request from Putin to Musk, urging him not to extend SpaceX’s Starlink satellite internet services over Taiwan, a move seen as a favor to China. SpaceX, under Musk’s leadership, has secured contracts worth billions with U.S. military and intelligence agencies, thereby granting Musk access to certain classified information. Although no immediate security alarms have been raised, the nature of these conversations has sparked concern among some governmental officials.

Musk has publicly responded to these reports with a dismissive attitude, suggesting that they represent another attempt to undermine Trump’s campaign following previous unsuccessful efforts. Musk’s support for Trump’s 2024 campaign is evident, with hints that he might assume a significant role if Trump were to secure a second term in office.

In a tweet dated October 25, Musk expressed his amusement, seemingly brushing off the allegations of his interactions with Putin. This reaction aligns with his previous public statements where he suggested that Putin might not favor Trump’s election, particularly in light of a controversial $10 million payment from Russia to a company linked to a political party.

Amidst these political developments, the price of Dogecoin has shown a noticeable upward trend, gaining traction among investors. The cryptocurrency, which is closely associated with Musk, has seen its price rise to approximately $0.1390 in the last 24 hours. This surge is attributed to increased activity from large holders, often referred to as whales, who are accumulating DOGE in anticipation of future gains. The creation of a Department of Government Efficiency, humorously abbreviated as DOGE, and Trump’s promise to appoint Musk to a key cabinet position, have fueled speculation that Dogecoin could potentially reach the $1 mark if Trump wins the presidency.

In the derivatives market, Dogecoin futures have experienced a slight decrease of about 2% over the past day, likely influenced by the impending expiration of certain crypto contracts. According to data from Coinglass, the open interest in DOGE futures is on the rise, with approximately 6.74 billion DOGE, valued at nearly $930 million, currently in play.

As the political and financial landscapes continue to evolve, the implications of Musk’s engagements and his influence on both the technological and political arenas remain significant. The intersection of these domains, particularly with Musk’s involvement, suggests a dynamic period ahead for both the cryptocurrency market and the broader geopolitical environment.