Elon Musk: “There Are No Plans for the Government to Use Dogecoin”
Elon Musk put an end to speculation regarding the possibility of Dogecoin (DOGE) being adopted by the U.S. government during a speech at America Pack Town Hall in Green Bay, Wisconsin.
He stated clearly:
There are no plans for the government to use Dogecoin or any other cryptocurrency.
Musk explained that he initially considered naming the agency the Commission for Government Efficiency but decided it was “too boring.” The internet community inspired him to adopt the name Department of Government Efficiency (DOGE) – an acronym that coincidentally matches the name of the cryptocurrency.
DOGE Drops Over 5% – But Not Just Because of Musk
Following Musk’s statement, the price of Dogecoin (DOGE) fell by 5% over the past 24 hours, trading around $0.15. Although the news had a negative impact, the decline is also attributed to the broader market sentiment, where even Bitcoin is struggling to stay above $82,000.
Most of the top 10 altcoins are also trading in the red, further increasing pressure on Dogecoin.
What’s Next for Dogecoin’s Price?
Dogecoin (DOGE) is holding above a key support level around $0.15, which could prove decisive for its next move.
- Current drop from peak: ~65%
- All-time high: $0.73
- Key resistances: $0.19 and $0.23
- Potential target: If DOGE breaks above $0.23, it could aim for $0.30
Analysts suggest that if past cycles repeat, Dogecoin (DOGE) could regain some of its lost significance – especially if market conditions improve.
Conclusion:
Elon Musk’s remarks temporarily shook the market, but Dogecoin (DOGE) remains above the critical $0.15 level. While the government isn’t embracing DOGE, support from the crypto community and its speculative appeal continue to sustain interest in the asset.
Watch the next levels closely and be prepared for volatility – meme coins are never boring!
Frequently Asked Questions
Find answers to the most common questions below.
No. Elon Musk clearly stated that there are no such plans.
The decline is due to both Musk's statement and the overall negative market sentiment.
The area around $0.15 is currently a major support zone.
Yes – if DOGE breaks above $0.23 and market dynamics improve, it could reach $0.30 or higher.
This article is for general informational purposes only and is not intended to be, nor should it be considered, legal or investment advice.
