Musk Backs Bitcoin & Dogecoin Energy Thesis, Markets Unmoved

Elon Musk waded back into cryptocurrency discussions on X, explicitly endorsing Bitcoin’s fundamental value proposition while acknowledging Dogecoin’s similar foundation. The Tesla CEO responded to a viral ZeroHedge thread that framed artificial intelligence as a government-funded arms race that would accelerate monetary debasement. “True. That is why Bitcoin is based on energy: you can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy,” Musk wrote, directly aligning BTC’s value with physical power constraints.

Minutes later, when community account Sir Doge of the Coin added, “Dogecoin is also based on energy,” Musk replied with a simple “,” marking his first explicit nod toward DOGE in a while. This interaction rekindled the long-running question about price sensitivity to Musk’s social media posts, though the market reaction told a different story. The exchange highlighted Musk’s consistent framing of cryptocurrency value through the lens of energy consumption and physical constraints rather than government-backed promises.

Despite Musk’s historical influence on cryptocurrency prices, particularly Dogecoin, the market response to his latest comments was notably subdued. At press time, Dogecoin traded near $0.196, lower on the day alongside broader crypto risk, with Bitcoin down near $111,000 and Ethereum slipping below $4,000. This risk-off tape likely blunted any potential “Musk effect” impulse that traders have come to expect from his cryptocurrency-related posts.

The muted reaction represents a departure from historical patterns where Musk’s DOGE interactions have triggered sharp, if often fleeting, price responses. During late 2024, for example, a single “true” reply in a payments-context thread coincided with a price pop as traders extrapolated X-payments tie-ins. More recently, in June 2025, DOGE jumped 3% after Musk defused a political spat. The common denominator in these historical moves has been reflexive liquidity and headline-driven order flow that typically fades unless there’s real impact on the meme coin’s utility or adoption.

Today’s sequence fits this evolving pattern—a high-engagement Musk quip, immediate social virality, but price constrained by macro conditions and the absence of a concurrent, verifiable product or policy reveal. Markets appear to have learned to differentiate between conceptual support and tangible adoption developments, with the information content of Musk’s latest posts being relatively modest compared to previous market-moving announcements.

Musk’s DOGE remarks arrived amid a separate swirl of Dogecoin-adjacent headlines that caught attention in both Washington and Wall Street over the preceding 48 hours. Representative Matt Gaetz amplified a viral thread, asking rhetorically, “Is DOGE about to become the world’s great utility token? After being a meme?!”—referencing news circulating about a planned public-markets pivot by House of Doge as the “corporate arm” of the Dogecoin Foundation.

House of Doge intends to list on Nasdaq via a merger with Brag House Holdings under the ticker TBH, representing a significant corporate development for the meme cryptocurrency. The October 13 releases further tie House of Doge to a growing Dogecoin treasury effort at CleanCore Solutions, newly branded on the NYSE American as ZONE. CleanCore now holds over 730 million DOGE, targeting up to 1 billion DOGE in the near term and, longer-run, “up to 5%” of circulating supply.

These corporate developments represent a substantial institutional embrace of Dogecoin, with the planned Nasdaq listing and growing treasury holdings potentially providing more fundamental support than social media endorsements alone. While Musk’s comments failed to move markets significantly, these corporate initiatives suggest a maturation of Dogecoin’s ecosystem beyond its meme origins, though the market appears to be weighing these developments against broader crypto market conditions.