DOGE is crashing as Elon Musk clarifies Dogecoin’s role in US Government

Elon Musk clarified Dogecoin (DOGE) role in the United States Government, frustrating some growing expectations and causing DOGE to crash. Expectations were related to Musk’s position in Donald Trump’s administration with the Department Of Government Efficiency (D.O.G.E.).

Historically, Dogecoin performance and massive success featuring among the most valuable cryptocurrencies is directly connected to the multi-billionaire. From late December 2020 to early May 2021, DOGE surged by 23,740% – from $0.00310 to $0.739 – as Musk showed public support to Dogecoin, mostly via memes on Twitter (now X).

Dogecoin (DOGE) price chart, one-week (1W) candlesticks. Source: TradingView / Finbold

However, in a rally in Wisconsin, Elon Musk answered a question on whether Dogecoin would be used by the government. Reuters published the video on March 30 and Musk answers the question at the 00:23:37 timestamp.

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“Well, the names are similar, but they’re doing two very different things. So, in fact I was going to call it like the government efficiency commission, but that’s a super boring name. Then, the internet said no it needs to be called the department of government efficiency. I was like, well, the internet is right. So, we changed the name from government efficiency commission to Department of government efficiency, but there are no plans for the government to use Dogecoin or anything as far as I know.”

— Elon Musk

This comes as a surprise for many DOGE traders, who were pricing a non-confirmed rumor that D.O.G.E. would implement Dogecoin to the U.S. Government activities.

Dogecoin (DOGE) price today

In response to Elon Musk’s clarification that Dogecoin will not be used by the United States, DOGE price crashed today.

Currently trading at $0.1659, the world’s most-famous memecoin is down 2.45% in the last 24 hours. Notably, this represents a more optimistic outlook than what we had a few hours ago, once the news got traction on X. Dogecoin traded as low as $0.1608 this morning, amid a significant sell-off.

Dogecoin (DOGE) one-day price chart. Source: Finbold

While some frustration may rise from the now-broken rumor and previous expectations, Dogecoin remains relevant in U.S. retail’s mind share. This alone could sustain DOGE’s price, especially if Elon Musk continues to demonstrate its personal support for the funny dog coin.

Featured image from Shutterstock

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