Elon Musk Denies U.S. Government Plans To Use Dogecoin, Cryptocurrency Drops 3%
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Elon Musk denied U.S. government plans to adopt Dogecoin, explaining that the Department of Government Efficiency (DOGE) is unrelated to the cryptocurrency. The department, launched in late 2024, aims to restructure government agencies and reduce costs. Despite earlier speculation and a brief website display of the Dogecoin mascot, Musk emphasized there are no intentions to use the cryptocurrency in government operations.
April 01, 2025 | 1:15 am
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Dogecoin experienced a 3.2% price decline following Musk's statement that the U.S. government has no plans to use the cryptocurrency, dispelling earlier market speculation.
Musk's direct denial of government Dogecoin plans led to immediate market sentiment shift and price decline, demonstrating the cryptocurrency's sensitivity to his statements.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100