DOGE News: Elon Musk Debunks Rumors of U.S. Government Adopting Dogecoin, Causing Price Dip

Elon Musk Says US Government Won’t Use Dogecoin, Price Dips 5%

Elon Musk has cleared the air about rumors surrounding Dogecoin’s potential inclusion in the U.S. government. During a speech at the America Pack Town Hall in Green Bay, Wisconsin, he stated that there are no plans for the government to use Dogecoin or anything. Additionally, Musk mentioned how he considered naming a government agency the Government Efficiency Commission but found it too dull, leading to the creation of the Department of Government Efficiency after suggestions from the internet.

Dogecoin Plummets After Elon Musk’s Statement

Dogecoin has experienced a significant drop in value following a brief but devastating statement from Elon Musk. The billionaire and Tesla founder, who has previously been enthusiastic about Dogecoin, clarified a rumor on Twitter stating that the U.S. government has no plan to adopt Dogecoin. This informal statement has rekindled doubts about the future of the famous memecoin, marking a potential turning point for its market performance.

Elon Musk Confirms No Plans for Dogecoin, Leading to 6% Drop

Elon Musk has clarified that Dogecoin will not be adopted for any US government use, leading to a 6% drop in the meme-based digital asset’s value over the past 24 hours. This underperformance compares to declines of 2.4% and 3.2% for Bitcoin and Ethereum, respectively. Musk addressed public speculation over his proposed Department of Government Efficiency—abbreviated as D.O.G.E.—during a political rally in Wisconsin, clarifying that the name similarity does not signal future integration of Dogecoin into federal programs.