Dogecoin To Join Trump’s Crypto Reserve? Elon Musk Reacts

Yesterday, March 2, US President Donald Trump announced the establishment of a US “strategic crypto reserve” designed to bolster America’s position in the crypto sector. The reserve will initially include major cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana (SOL), and Cardano (ADA) – not Dogecoin (DOGE). In the wake of this announcement, the broader cryptocurrency market surged by over $300 billion in market capitalization, reflecting significant investor enthusiasm for Trump’s crypto endorsement.

Does Dogecoin Have A Chance?

Despite the wide-ranging support for digital assets, Dogecoin was conspicuously absent from Trump’s initial list of reserve currencies. Nonetheless, Dogecoin experienced a robust rally, spiking by as much as 16% at one point before settling at a 7.5% increase over the past 24 hours as of press time.

Adding a touch of levity to the discussion, Shibetoshi Nakamoto (@BillyM2k), also known as Billy Markus and co-creator of Dogecoin, highlighted the domestic origins of the cryptocurrency. He jokingly tweeted: “I just wanna reiterate that dogecoin was created in the USA, in Portland Oregon. Source: me”.

The official Dogecoin account on X responded succinctly to the unfolding debate with a terse message: “@realDonaldTrump, bruh.” Within 15 minutes of these exchanges, Elon Musk, known for his influential presence in the crypto space, reacted with the “Face with Tears of Joy” emoji. It remains unclear whether Musk genuinely supports the idea behind DOGE being included in the crypto reserve or if he is simply amused by the meme aspect.

https://twitter.com/elonmusk/status/1896248366222418223?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

Further commentary from the crypto community has added layers to the conversation. X user Antonio Zamudio remarked on the situation, drawing parallels with other industry figures like Ripple and Cardano founder Charles Hoskinson who have lobbied for their projects’ inclusion in the crypto reserve.

“I think Trump doesn’t know about the existence of Dogecoin, many Crypto CEOs have approached Trump, but although Elon is close to Trump, no one has really talked to Trump about the Dogecoin crypto, he only knows about DOGE the department of gov,” he stated and added “the irony is that we need a dogecoin representative to talk about dogecoin with Trump. Elon is there, but I don’t think he talked to Trump about crypto Dogecoin, because Elon only makes fun of Dogecoin. We need someone else close Trump talks about how good is Dogecoin. IMO”

In a related perspective, renowned crypto analyst Kevin (@Kev_Capital_TA) expressed more optimism on X: “With Elon being best buddies with Trump and them working hand over first to Make America Great Again I have no doubt in my mind that Dogecoin will be in the strategic reserve at some point. Also DOGE Payments likely coming soon on X.”

Notably, Trump’s announcement on Truth Social hinted that additional “valuable cryptocurrencies” could eventually be incorporated into the reserve. CryptoQuant CEO Ki Young Ju, writing under his secondary X account, Kate The Alt (@kate_young_ju), questioned: “What are the ‘other valuable cryptocurrencies’ in the US crypto reserve?”

https://twitter.com/kate_young_ju/status/1896345740370383265?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

Trump’s own words in the announcement were unambiguous regarding the core components: “Obviously, Bitcoin and Ethereum, as other valuable cryptocurrencies, will be the heart of the reserve. I also love Bitcoin and Ethereum.”

From a technical analysis standpoint, the market reaction to the news appears to have altered Dogecoin’s chart dynamics. Prior to the announcement, DOGE had fallen out of a descending trend channel on the daily chart. However, following the revelation of the crypto reserve, Dogecoin rebounded into the channel and is currently testing the lower trend line—a critical support level. A daily close above this line will be essential to confirm the bullish momentum.

At press time, DOGE traded at $0.219.