The rumors gained traction after the establishment of DOGE but Elon Musk clarified that the agency and the memecoin are unrelated.
At the America PAC town hall event, Elon Musk has dampened enthusiasm for the US government’s adoption of Dogecoin. The chief of the Department of Government Efficiency (DOGE) observed that the government agency bears only a nominal resemblance to the memecoin.
Elon Musk Dispels Rumors Of Dogecoin Adoption By The US Government
Elon Musk, the CEO of Tesla, addressed the prospective adoption of Dogecoin by the United States government at a recent event. The United States government will not be adopting Dogecoin, as Musk stated in his keynote address, despite the widespread rumors.
Musk observed that the speculation acquired momentum subsequent to the Department of Government Efficiency (DOGE)’s establishment. The Dogecoin government utility experienced unprecedented levels of enthusiasm subsequent to Musk’s appointment as the agency’s leader and the introduction of DOGE.
However, Musk clarified that the memecoin, which is a product of an internet trend, bears only a nominal resemblance to the agency. The Tesla CEO disclosed that the Government Efficiency Commission was the initial intended name, but he ultimately chose DOGE “because the internet is right.”
Musk stated, “The names are similar, but they are two distinct entities.” “However, I am unaware of any government initiatives to implement Dogecoin.” Musk has a long and illustrious history with Dogecoin, having famously promoted the memecoin and integrated DOGE payments into Tesla.
DOGE Reacts Negatively To The News
Musk hinted at an anime-themed DOGE on X, which paved the way for a $2 surge in the memecoin. The report’s grimness resulted in a nearly 2% decline in the price of Dogecoin.
The memecoin is currently trading at 0.1660, with a view toward a push toward the $1 mark. The negative fundamental adds pressure to reports of DOGE forming a falling wedge pattern, indicating a potential downward breakout.
Nevertheless, there is a growing belief among optimists that DOGE will be able to overcome the negative sentiments and achieve new all-time highs.
According to one analysis, the memecoin is potentially valued at $8 if the Dogecoin price breaches a three-month trendline. Some argue that the House of Doge Reserve introduction will serve as a positive catalyst for the Dogecoin price, resulting in a robust rally for the dog-themed cryptocurrency.
