Elon Musk Dustmo Hopes destroyed: Against Dementi via government organization D.O.G.E.

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Dogecoin (Doge) suffers setback according to Elon Musk's statements

The cryptocurrency DOGECOIN (Doge) has suffered a noticeable setback after Elon Musk, CEO von Tesla and SpaceX, has plans for the use of Dogecoin within his new government organization D.O.G.E. has denied. This has led to disappointment in the crypto community and a subsequent drop in the course.

Musk denied rumors about Dogecoin and government

The expectations of a possible official role of Dogecoin in Musk's government organization arose when he gave the name "Department of Government Efficiency" (D.O.G.E.), which is a clear allusion to cryptocurrency. Musk, who has been a passionate supporter of Dogecoin over the years, left room for speculation in advance. In the crypto community, the naming was quickly understood as an indication that Dogecoin would take on an official function in the new organization.

However, Musk said during a speech in Green Bay, Wisconsin: "There are no plans that the government uses Dogecoin or anything else". This statement made it clear that passive hope for a connection between Dogecoin and the government was unfounded. Musk also stated that the choice of name for his government organization was due to the social media interaction.

Doge course under pressure according to Dementi

The direct reaction to Musk Dementi was a price drop of around 4.1 percent for Dogecoin. The price is currently around $ 0.1637. In the past, Dogecoin had already benefited from Musk's positive statements several times, for example when Tesla and SpaceX accepted Doge as a means of payment. However, his current Dementi led to an opposite reaction on the market.

The decline in the Dogen course shows that many investors were optimistic about possible future Integration of Dogecoin into government projects. However, the former connection between Musk's government organization and the cryptocurrency now seems to be cleared for the time being, if not final.

Overall, the event chain around Dogecoin and the views of Elon Musk again shows how strongly the mood in the crypto community is shaped by opinions of influential personalities.