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No DOGE to Be Used
Musk’s statement could be regarded as a big blow to Dogecoin’s bull run aspirations, especially since the asset is far from this cycle’s peak. However, there are certain positive signs on the technical side of things.
The Rumors and Speculations
Despite the rumors and speculations that the Musk-led D.O.G.E. might use the meme coin, the billionaire refuted the claims on Sunday evening.
- Such a statement by Doge’s most famous proponent could hurt the asset.
- Certain technical aspects indicate that there could be some gains around the corner.
The History of D.O.G.E.
During Trump’s presidential campaign last year, one of the groundbreaking promises made by him and people close to him, in this case Elon Musk, was the creation of a government department that would ‘identify and eliminate wasteful government spending, aiming to reduce federal expenditures by $1 trillion.’
Its name, Department of Government Efficiency (D.O.G.E.), and Musk’s leadership role led to immense excitement in the meme coin community.
The rumors were fueled by the addition of the meme coin’s logo to the D.O.G.E. website just a day after Trump’s inauguration.
A Massive Rally for Dogecoin
The hype resulted in a massive rally for Dogecoin, as its price skyrocketed from $0.14 ahead of the elections to a multi-year peak of $0.48 a month later.
A Fail to Maintain the Run
However, DOGE has failed to maintain its run and has dropped by over 60% since the January peak of $0.42, as it now struggles at $0.163.
Musk’s Statement
Speaking in a Town Hall meeting in Wisconsin, the Tesla CEO said the government has no plans to use DOGE in any form.
“They happen to be similar names, but really, we’re literally just trying to make the government 15% more efficient.”
The End or Not?
Musk’s statement could be regarded as a big blow to Dogecoin’s bull run aspirations, especially since the asset is far from this cycle’s peak.
Technical Signs
The analyst noted that the TD Sequential has posted a buy signal on the weekly chart and added that as long as DOGE’s price remains above the lower boundary of the channel posted below, it could reignite another surge.
#Dogecoin $DOGE continues to hold above the lower boundary of this channel. A spike in demand here could fuel a rally toward the mid or upper range!
— Ali (@ali_charts) March 30, 2025
Conclusion
In conclusion, despite the rumors and speculations surrounding the use of DOGE by the Musk-led D.O.G.E., the billionaire has refuted the claims. While this could be a blow to Dogecoin’s bull run aspirations, there are certain positive signs on the technical side of things.
FAQs
- What is D.O.G.E.?
D.O.G.E. stands for Department of Government Efficiency, a government department that aims to identify and eliminate wasteful government spending. - What is Dogecoin?
Dogecoin is a meme coin that is often associated with the name D.O.G.E. - What is the current price of DOGE?
The current price of DOGE is $0.163. - What is the outlook for DOGE’s price movement?
The outlook for DOGE’s price movement is uncertain, but there are certain positive signs on the technical side of things.
