The price of Dogocine took a sharp recession this week, after a stunning update from Elon Musk, which left the Dogcoin community. The billionaire, known for its unexpected effects on digital assets, especially Dogi, recently clarified the difference between the government’s efficiency department (DOGE) and Meme coin, which seemed to reduce the excitement of enthusiasm among investors. Unexpectedly, later it was immediate. The price of dogcoin went to a brief decline, which raised questions whether Dogi is priced Can expand the loss below $ 0.17.
Musk Dash has rumored government’s participation in dogcoin
Came during update Green Bay, a town hall organized by the US PAC of Musk in Wisconsin. Responding to increasing speculation around the department’s efficiency department and its potential relations, Musk explained that the agency is completely unrelated, despite sharing the same brief name as a tick of Meme coin. According to him, the department focuses on improving the efficiency of the US federal government by at least 15%. This will not integrate dogcoin or any other cryptocurrency in its operation for the future of the future.
His comments effectively Stop the rumors going on The department can promote adoption of dogcoin through official utility. Speculation intensified in February when the official website for the Dogi agency displayed the familiar Shiba Inu Dog that represents Dogcoin. This produced rapid enthusiasm within the community of Meme coins and in turn, briefly increased the price.
Dogcoin is constantly growing as a favorite crypto choice among retail investors. If there was a connection between the meme coin and the Dogi, it could have opened the cases of real -world use for tokens and finally could cause Dogi Its all -time push above high $ 0.73. Musk’s latest clarification effectively dismissed that possibility, with their comments it became clear that any similarities between the coin and the agency are purely rumors.
Market spirit is sour
Dogecoin has a slide Fast in the last few days. At the time of writing, Meme coin is trading at $ 0.168, 15.7% in the last seven days, traders strongly responded to the announcement. On social media, especially the discussion on X shows that many investors were expecting a fusion between coins and government initiatives.
However, the widespread feeling of musk to dogcoin still appears to be helpful. Even though this recent explanation disappointed those who estimate a government role for the property, it is not necessarily marking the end of their interest in it. In the past, he referred to it as “People’s Cryptocurrency”. However, fresh use cases or wider crypto market without positive speed, Dogi price risk slips further To test low support areas Around $ 0.15 price level.
Specially displayed image from UNSPLASH, chart from traudingView.com
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