The price of Dogecoin has dropped over 5% as its former advocate and meme connoisseur Elon Musk said that the U.S. Government has no plans to use the coin in any kind of operations with the Department of Government Efficiency.
DOGE Price Fumbles as Elon Musk Says ‘No Plans’ on Using Dogecoin
While Dogecoin investors were expecting its price to surge past its past week gains, their hopes turned into disappointment as Elon Musk stated that the federal government has no plans to use memecoin officially.
While speaking at a town hall in Wisconsin, Musk effectively quashed speculation that the Department of Government Efficiency (D.O.G.E.) would integrate it into any government dealings. This move caused it’s price to fumble, falling over 5.3% within hours.
“There are no plans for the government to use this specific memecoin for anything as far as I know,” Musk said, addressing rumors that the Trump administration’s newly formed efficiency department (D.O.G.E.) might adopt the cryptocurrency.
At the time of writing, it is trading near $0.1658, dipping as low as $0.1605 from the daily high of $0.1695 in the daily timeframe.
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