Evaluating the Impact of Musk's Remarks on the Future of Dogecoin's Bullish Trend

Despite previous speculations that Elon Musk-led Department of Government Efficiency (D.O.G.E.) might utilize Dogecoin, Musk refuted these rumors recently. The initial excitement around Musk's leadership and the potential use of Dogecoin in the department had led to a significant surge in the meme coin's price.

However, its value has since dropped by over 60% from its peak. Musk stated that the government has no plans to use Dogecoin, which could potentially affect its future price movements. Despite the setback, technical analysis indicates potential gains, with a buy signal posted on the weekly chart.

Analyst Ali Martinez suggests that as long as Dogecoin's price remains above a certain boundary, it could trigger another surge. However, Dogecoin is expected to experience significant volatility in the coming weeks.