At a recent town hall in Green Bay, Wisconsin, Elon Musk addressed speculation linking Dogecoin with a federal agency. During the March 30 event, Musk clarified that the Department of Government Efficiency (D.O.G.E.) is unrelated to Dogecoin.
Musk denies any federal plans to use Dogecoin
In a recent post by Doge Designer, it is notable that the clarification followed growing public confusion after the department’s acronym matched the popular cryptocurrency’s ticker.
Musk confirmed that the U.S. government has no involvement with Dogecoin, adding that no federal plans exist to use the coin. He stated, “There are no plans for the government to use Dogecoin or anything as far as I know.”
He also shared that the department’s name came from online feedback. Musk originally preferred “Government Efficiency Commission,” but online users suggested the current version. He agreed to the update, emphasizing the goal is to improve government operations by 15%.
Dogecoin’s current market performance after Musk’s remarks
According to a technical analysis, the RSI stands at 43.12, showing weakening momentum, with a slight dip below its moving average at 39.94. This suggests reduced buying pressure. The MACD figure (0.00179) is quite close to the signal line (- 0.00989) and Oscillating, which suggest low movement and variation.
Since Elon Musk has refuted any connection between D.O.G.E. and DOGE, the specific market has remained relatively subdued. If RSI does not go above 50 and MACD does not form a bullish crossover pattern, DOGE may consolidate in the short-term range or drop to the $0.16 support level in the nearest future.
Tracking the price performance, CoinMarketCap data at the time of press notes that Dogecoin traded at $0.1664 after dropping 1.62% in the last 24 hours.
Its market cap stood at $24.74 billion, matching the fully diluted value. Trading volume rose 42.51% to $1.24 billion, pushing the volume-to-market cap ratio to 5.01%. Circulating supply remained at 148.65 billion DOGE. The price ranged between $0.163 and $0.1692 throughout the day.
