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

The post Elon Musk Says US Government Won’t Use Dogecoin, Price Dips 5% appeared first on Coinpedia Fintech News

Elon Musk has cleared the air about rumors surrounding Dogecoin’s potential inclusion in the U.S. Department of Government Efficiency (DOGE). During a speech at the America Pack Town Hall in Green Bay, Wisconsin, he said, “There are no plans for the government to use dogecoin or anything.”

Musk explained that he originally considered naming the agency the Government Efficiency Commission, but found it too dull.  “I was going to call it Government Efficiency Commission, but that’s a super boring name. Then the internet said it needs to be the Department of Government Efficiency. I was like Internet is right,” he added.

The Department of Government Efficiency aims to optimize taxpayer money, having saved an estimated $130 billion since its formal start in January, with an average savings of $840 per taxpayer.

Dogecoin has dropped more than 5% in the past 24 hours. However, this decline isn’t solely due to Elon Musk’s recent statement. The overall market sentiment remains negative, with Bitcoin struggling to hold above $82K. Most of the top 10 altcoins are also down, testing key support levels. So, what’s next for Dogecoin?

What’s Next For Dogecoin Price?

Dogecoin is currently holding support around $0.15. Despite the recent price drop, Dogecoin is managing to stay above some critical support zones.

Currently, Dogecoin is down about 65% from its highs, which suggests that if history repeats, a similar rebound could be on the horizon. Its all-time high is $0.73, and if it follows the same pattern, it could reach that again—or even higher.

Resistance levels to watch are around $0.19 and $0.23. If Dogecoin breaks through this range, it could push toward $0.30.