Billionaire and X owner Elon Musk posted a meme depicting Doge today. Although he directly referred to the Department of Government Efficiency, the meme asset Dogecoin also pumped briefly.

Is Musk deliberately trying to boost DOGE through these seemingly unrelated tweets? A recent class-action lawsuit against him directly addressed this possibility.

Elon Musk and DOGE

Today, there apparently exists a clear correlation between Dogecoin (DOGE), a prominent meme coin, and billionaire Elon Musk’s social media activity. Earlier, DOGE briefly began trending down until he posted a doge-centric meme.

This meme directly referenced Musk’s Department of Government Efficiency (D.O.G.E.), but the coin’s value nevertheless increased.

This DOGE price bump proved short-lived, but it was still a noticeable correlation. A clear question arises: was Musk deliberately trying to boost DOGE?

On several recent occasions, the value of this meme coin has risen after Musk’s social media posts. In September, he clearly posted about D.O.G.E., which also boosted the unrelated cryptoasset.

Ultimately, it is impossible to definitively understand Musk’s intentions with his post. Recently, all of Musk’s Doge-related statements have referred to the political project, not the cryptoasset. If he was trying to pump the meme coin’s value, he wasn’t very successful: this growth flatlined and dropped again within hours.

There is, however, an alternate plausible explanation for this behavior. Last week, Dogecoin investors dropped a class-action lawsuit against Elon Musk over this exact issue. These investors accused Musk of deliberately manipulating DOGE’s price since 2021, alleging fraud and insider trading.

“Elon Musk literally named a government department ’Doge’ so he can post about it again whenever he wants, without getting in trouble,” X account ‘Sir Doge of the Coin,’ said.

Musk is a documented meme aficionado who may have a Doge appreciation independent of the asset or agency. After all, the underlying meme has existed since 2013 and can exist outside either one of these two contexts.

However, if Musk has been accused of criminally manipulating Dogecoin prices with his posts, then D.O.G.E.’s name could be an easy solution. By naming the agency thus, Musk would have plausible deniability that he isn’t talking about the cryptoasset at all. Whether Musk is or isn’t signaling to DOGE traders, there’s no way to establish his actual intent definitively.

Decentralized Physical Infrastructure Networks (DePin) are transforming the tech by enabling decentralized projects in real-world infrastructure.

Here’s what happened in DePin sector recently: Aethir partnered with LayerZero to support blockchain development, The Graph announced a new GRC-20 standard for Web3 data, and Barry Silbert’s DCG launched the Yuma ecosystem accelerator.

Aethir Integrates LayerZero

Aethir, the DePin “GPU-as-a-service” network, recently announced a new partnership with LayerZero to support blockchain development. Specifically, Aethir claimed that this partnership will transform the company into a “multichain AI and gaming ecosystem.” This investment aligns with Aethir’s other recent collaborations for AI-centric game development.

“With the help of LayerZero, Aethir’s DePIN stack will transition to a multichain network infrastructure, which will ease the Aethir GPU infrastructure’s upcoming migration to Sophon’s ZK chain. LayerZero’s omnichain technology will maintain network stability [while] ensuring a frictionless experience for the Aethir community,” the company’s blog post claimed.

Although Aethir’s core business model is ostensibly a DePin GPU network, the firm has been heavily investing into AI gaming development. Last month, it launched a $100 million ecosystem fund to support independent developers in this sector. Earlier today, it also announced DePin Stack integration to further optimize its cloud gaming services.

The Graph Introduces GRC-20 Standard

The Graph, a decentralized blockchain indexing system, made a blog post announcing their new GRC-20 Knowledge Standard. This will create a new baseline for Web3 data, specifically how it is structured, stored, and connected, similar to the ERC-20 protocol for Ethereum. This comes after developer Yaniv Tal proposed a practical implementation via GitHub:

“Knowledge is created when information is linked and labeled to attain higher understanding. This document outlines [a] serialization format for knowledge data that is anchored onchain, shared peer-to-peer or stored locally. Using this standard, any application can access the entire knowledge graph, [producing] knowledge [to] become part of The Graph,” Tal said.

The Graph stated in its blog post that it hopes to replace the Resource Description Framework (RDF), the current Web3 knowledge standard. GRC-20 will improve on RDF in multiple ways, being Web3-native and less reliant on centralized server operators. Additionally, it will render data in an easily visualized manner, important for “cumbersome and complex” proposals.

DCG Launches Yuma Ecosystem Accelerator

Digital Currency Group (DCG) announced the launch of Yuma, a new subsidiary led by DCG founder Barry Silbert. Yuma will be an “ecosystem accelerator” for startups on Bittensor’s platform, hoping to decentralize AI development.

“Yuma offers startups and enterprises access to everything they need – including capital, technical resources, and operational support – to deploy their innovative ideas onto the Bittensor network. Yuma will shift the transformative power of AI and machine learning away from centralized companies to an open and accessible resource for all,” Silbert stated.

Analyst Mark Jeffrey called Yuma “sort of a Y Combinator for decentralized AI apps,” and said that Silbert had more conviction for this project than anything since the early days of Bitcoin. Silbert himself retweeted these comments, validating the sentiment. This new resource could provide radically transformative benefits for new AI developers.